Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - Can someone please tell me what is bankruptcy? - its when you are in tons of debt and you are absolutely screwed, your debt has collected interest after being in collections for so long and it gets to be so high there is no way you can pay it back. so you pay like 100-500 dollars to file bankruptcy and it clears all of your debt away, BUT your credit will remained bad for seven years stating that you filed bankruptcy, then after the 7 years it will go back to neutral credit and you can start building again. however you will have to tell creditors and everything that you have filed bankruptcy before but as long as you started establishing credit again and are now paying your bills you will be fine. -
