First, you must realize that bankruptcy will negatively impact your credit for seven to ten years. It may clear some of your debts, but it will remain on your credit report for a considerable amount of time, damaging it. You will be required to pay higher interest rates and fees on credit cards and loans, and everything you charge will cost more. Obviously, this assumes you can obtain a loan or credit card.
Second, you will struggle financially as a result of the bankruptcy on your credit report. This will harm your pride as well as all of your other financial assets. The bankruptcy will effectively negate most or all of your excellent credit, which is detrimental to you. Before you file for bankruptcy and spend all that money on a counsel and filing fees, before you rack up these bankruptcy expenses, you do have other options.
A debt management service can help you get out of debt for a cost comparable to that of declaring bankruptcy. Without having to file for bankruptcy, you can pay off all of your obligations over the course of a few years.
You could also utilize a credit counseling service, which will also assist you with debt repayment. They will also require that you undergo credit counseling, which will help you understand your credit and budget effectively. This will prevent you from duplicating the errors that nearly led to your bankruptcy.""
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