Chapter 7 bankruptcy is the most common form of bankruptcy in the United States. Consumers and businesses alike use it to liquidate their assets to get on better financial footing. Although the overall bankruptcy rate has declined in recent years, it has remained steady in Tennessee. The state is actually the second highest in the nation for bankruptcy filings.
A lot of people become intimidated by the bankruptcy process. However, people considering it should view it as the beginning and not the end. You will still be able to purchase a house one day. It all depends on how you treat your finances during and after the bankruptcy. Here are some surefire steps for improving your credit score after you file for bankruptcy.