Are you considering bankruptcy to clear your debts and get a fresh start? The lawyers on television always make it sound so appealing, but they never give you an accurate picture of what you will really be going through. There is a reason why the government is making it harder to file for bankruptcy. Here is what you need to know.
First, if you are not so far into debt that you could not pay it off with your annual salary, then you need to consider other options. Bankruptcy is for those people that are just so far in debt that it would take a lifetime to get out of debt. Plus credit card debt and many other debts are very easy to settle and get out of for a fraction of what you owe.
Second, if you do file for bankruptcy it will cost you nearly $1,500 with a good lawyer and you will have ruined credit for 7 to 10 years. Sure you will be able to get a loan after a couple of years and finance an automobile, but it will be at a horrible rate or through a lender that uses very forward collection methods. Plus your bankruptcy lawyer is not going to teach you how to keep from going back into debt again.
Last, you have better options out there. You can get credit counseling or hire a debt consolidation service to help you with your debts. You could even go see your pastor or priest and ask them for help. Regardless of which option you go with, bankruptcy is a mistake because you have other and better options to consolidate your debt.
Why waste 7 to 10 years suffering the consequences of a bankruptcy when you can have all your debts paid off in 2 to 3 years. Plus when you pay off your debts instead of filing for bankruptcy you will end up with very good credit, which will open many door. You will also know how to stay away from going back into debt.
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Filing For Bankruptcy Is a Mistake