By being progressive about
eliminating old debts now, you can boost your credit score in a faster period of time and get back on financial track sooner.
However, filing bankruptcy also gives you the opportunity to rebuild credit and
eliminate old debts that may be weighing down your credit score.
Bankruptcy gives many people the chance to rebuild credit because it can
eliminate old debt hanging over people's heads (and their credit reports).
Not exact matches
In California, Gov. Jerry Brown — focused on
eliminating debt — has suggested that the state move away from selling bonds to support school construction which, in effect, would dismantle the decades -
old School Facilities Program.
Eliminating car payments seems as straightforward as paying off any
old debt.
If you close
old accounts, your
eliminating that history, and possible the mix of
debt you carry.
Examples of the types of
debts that are commonly
eliminated in bankruptcy include credit cards, signature loans, medical bills, utility bills,
old income tax
debts, and deficiencies owed due to the loss or repossession of property.
If you are using bankruptcy to try to
eliminate old taxes only, you may want to look into other options for paying off your tax
debt.
You do not have to deal with an abusive
debt collector or
old debts lingering on your credit report, you may be able to
eliminate these problems under fair
debt laws and fair credit laws.
The 2016 Ontario budget has compounded the problem by
eliminating the tuition tax credit that helped all young lawyers to some degree to enable repaying loan
debt more quickly, although the
old regime did advantage those with low or no
debt.