A few nights ago, I watched “Shark Tank”, a TV program where 5 extremely successful and wealthy business people vie to provide ‘seed money’ to deserving entrepreneurs for a share in their business venture.
A gentleman with a brilliant start up business (according to the business ‘Sharks’ themselves) admitted that he had filed bankruptcy many years earlier. All ‘Sharks’ passed on the opportunity he presented, because as it was explained, this entrepreneur was ‘radio-active’. In other words, no bank was going to do business with him EVER! His credit was forever shattered because of his failure to deal with his debt in a more responsible manner, no matter how long ago that was.
The comments were cruel and extremely hurtful, but that too is reality.
Yes, the laws say that your bankruptcy is expunged from your credit reports after a number of years, but the reality is that the banks/lenders do not readily forgive and forget.
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