Will bankruptcy really help consumers?

[lightingbird]

What is the name of your state? Missouri

Another general question for my clients. I have a good friend whos a senior manager with Macys in the credit department and he has told me several times that those that actually perform a bankruptcy with in 6 months it actually helps them. When I say help I mean, this consumer will now how a fair chance of department store cards, car loans, and so on and so forth.

Any truth to this or is the seven year rule more accurate?

 

[bigun]

Credit post bk is no problem.
With 2 years of ontime bill paying post bk, you can qualify for an FHA mortgage. As time goes by, you will qualify for more conventional loans.
Post bk, you'll be swamoed with offers for auto loans and credit cards from subprime lenders. As time goes on, you can get better terms.