A good credit history is the key to easier access to a variety of things as an adult. Not only does your credit score factor into your insurance rates and loan interest, but it can also affect your ability to get a job or an apartment. Unfortunately, some young adults find themselves suffering with bad credit and facing bankruptcy after an identity theft that occurred as a child. Here's a look at what you should know before your child's credit is ruined by identity theft and a resulting bankruptcy.
Filing for bankruptcy often seems like an easy way out for those overwhelmed by financial debt. Whether filing with the aid of a bankruptcy lawyer or without legal aid, this procedure should be a last resort rather than a go-to solution.
While it lifts some financial burdens, bankruptcy invokes others. It does not wipe all debts, contrary to popular belief, and it lingers on your credit report for at least seven years.