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Bankruptcy is the process which involves a court declare an individual or a business that is unable to repay its debt, or fulfill its debt obligations, grant either a full or partial write off, or reschedule its debt obligations. The process involves a trustee. A Bankruptcy has long term implications on the individual or a business enterprise including securing future credit. A Bankruptcy is reported to the credit bureaus and stays on the individual or business enterprise's credit report for a specific time frame depending on the type of bankruptcy. There are two types of Bankruptcies, a Chapter 7 and a Chapter 11 Bankruptcy. The following links explain in detail and the difference between the two types of bankruptcies.
Related Topics: What is the Length of time a bankruptcy will show on a credit history? What Information is included on a credit report? What Factors are used in determining a credit score? Under what Circumstances is it acceptable to deny credit/loan? What is a Credit Score What is a Credit Check What are Jumbo Loans? Conventional Loans FHA Loans VA Loans USDA Loans An Adjustable Rate Mortgage A Fixed Rate Mortgage Construction Loans Graduated Payment Loans
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