Most people who are considering bankruptcy feel embarrassed, but one way to think about it differently is to consider the businesses who file bankruptcy. Businesses are not embarrassed when they file for bankruptcy, so why should people have to feel that way?
How soon after Bankruptcy can take out new credit?
Chapter 7 – As soon as you want to, but most creditors will not lend to you until the case is over. Chapter 13 – You cannot take out credit while the case is open unless we get court permission
Many of the basic concepts of our modern day Bankruptcy Code can be traced back to biblical times. Specifically, the concept of a discharge of indebtedness is directly traceable to both the Old Testament and the New Testament.