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Is Bankruptcy the Right Option
for You? Bankruptcy devastates your credit and it also makes borrowing money nearly impossible. In some cases, it can even prevent you from renting an apartment or getting a job. Although bankruptcy will normally come off your credit report after 7 to 10 years, most lenders will ask if you have ever filed. If you lie and say, "No" when you really have filed bankruptcy before, that is considered fraud and you can be prosecuted. Bankruptcy should always be used as a final option. Paying off your debts is always better than filing bankruptcy. Filing for bankruptcy is also devastating emotionally, as well. Here are a few things to consider if you are thinking about filing for bankruptcy. Try settling with your creditors. Most creditors would rather settle your debts and to have it discharged in bankruptcy. It actually might be easier to negotiate a settlement if you have already become late on payments or have missed several payments. If you try to settle the debt when you're still current with your payments, creditors really don't see any reason for alarm. Seek credit counseling. If you have been unsuccessful in trying to negotiate with your creditors, a consumer credit counseling agency can sometimes get results where you can't. Credit counselors can also get lower interest rates and even lower monthly payments. It's not that they have any special abilities; it's just that they have been trained in the right things to say. If you have medical bills, you might consider filing for bankruptcy. If you cannot afford to pay your medical bills, bankruptcy can provide some kind of relief for you because it can either discharge them completely or provide a three or five year plan in order for you to repay your medical bills. Filing for bankruptcy is not the best option, but sometimes it is the right option. You need to sit down with an attorney and decide whether or not bankruptcy is the right option for you. An attorney can review all of the facts in your particular situation and then help you decide if bankruptcy is the right choice. |
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