Due to our usage of credit cards and taking out loans for homes, vehicles and education, it is not uncommon for residents in California and elsewhere to deal with debt. While some debt is usually manageable, when it accumulates and is not controlled by a steady income individuals could suffer from this growing debt. In these matters, filing for bankruptcy might be the best option to obtain a fresh financial start.
But, filing for bankruptcy does not mean the individual will not be impacted in other ways. Depending on the type of bankruptcy filed for, a debtor could be looking at several years of them working to rebuild their credit. For those filing for a Chapter 7 bankruptcy, it is expected that the filing will remain on their credit score for 10 years.