If your credit is bad or slow right now, this will start to show positive reports in as little as 90 days. If your credit is good at this time then it should stay that way or even get better. We would not know exactly what your payments will be until we know what kind of debt you are in now, and to whom. Bankruptcy may seem like an easy way out. Bankruptcy filing generally stays on your credit report for 10 years, but the impact can last much longer.
Nonprofit companies work for the creditors similar to collection agencies.
Their payments come in the form of fair share contributions which are deductions or refunds from the creditors. It is strongly recommended that you contact your local NFCC member office before filing for bankruptcy. They may help you find an alternative to bankruptcy that is better for you and your situation. The decision to file for bankruptcy should be made only if it is the best way to deal with financial problems. It won t clean up a bad credit record, and could actually make it hard to obtain credit.