You have exhausted all options. You’ve reduced expenses, skipped meals, you’ve tried everything to save money but see no progress. Chapter 7 Bankruptcy could be a way out. But, how will it work for or against you?
For some, filing for bankruptcy will not only bring a lot of much needed relief, may actually seem like a smart financial step. Bankruptcy could clear away a lot of debt and truly provide a fresh start. However, there are situations where filing for bankruptcy can be a very bad idea. In this article I’ll discuss 4 scenarios where filing for bankruptcy can end up being more trouble than it’s worth.
According to Experian, consumer debt has risen 3% over last year,
soaring well over the $1 trillion mark. With personal debt continuing to
skyrocket, more and more consumers are turning to bankruptcy to ease
their financial burden. For some, bankruptcy may be the right decision,
but it’s not a decision to take lightly. It may sound like a quick fix
to all your financial problems, but a bankruptcy can cause severe damage
to your ability to obtain credit long into the future.