First, declaring bankruptcy will necessitate hiring an attorney or figuring out how to do it yourself. This will cost you more than $1,000, and if you cannot afford your obligations, how can you afford an attorney? Seems absurd, no?
You must then appear in court and tell your story. You will be asked why you are filing for bankruptcy, whether you have anything of value that your creditors could use to obtain money from you, and a number of other queries. If you answer dishonestly, you will be imprisoned for perjury, which nobody wants.
You will endure the repercussions of your bankruptcy for up to ten years. Your credit will be severely damaged, and it will be difficult for you to obtain any form of financing for a time, after which your financing will be high-interest, high-risk financing.
Credit counseling is your other option in order to avoid filing for bankruptcy. A credit counseling service will assist you in managing your monthly debt payments and educate you how to budget properly. They will ensure that you do not have to declare bankruptcy in order to begin again.""
" - https://www.affordablecebu.com/