When credit card debt becomes unmanageable, everyone thinks of bankruptcy. But what are the consequences of that? Let me tell you why bankruptcy is the worst possible option for your financial problems. A huge downside to filing bankruptcy is that it will show up on your credit report for the next 10 years making it difficult to keep a positive credit history during that time. The federal court will have it on record forever and those records are open to the public. Credit applications will often ask if you ever filed for bankruptcy and you are required to answer truthfully, whether or not the 10 years have passed.
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Another negative aspect of bankruptcy is the cost. Recent changes in bankruptcy law have increased the filing fees and you are required you seek help from credit counseling services prior to filing. It is also recommended that you hire a bankruptcy attorney if your case is complicated. You could end up paying anywhere from $700 - $2000, money which would be better spent towards your debt.
Similar changes to bankruptcy law will determine what kind of bankruptcy you can file. There are two types: Chapter 7, which will clear all your debt except for the non-dischargeable one such as domestic support or taxes, and Chapter 13, which demands that you come up with a strict payment plan to pay as much of your debt as you can for a period of 5 years. If you are able to pay at least $100 monthly towards your debt, you will be required to file for a Chapter 13 bankruptcy.
Bankruptcy might look like the quick and easy way out, but having more negative aspects than positive, it will only make it worse for you in the long run.
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