Should I try to Avoid Bankruptcy?
  

Avoid Bankruptcy
 
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Avoid Bankruptcy

 
 

Why should I get credit counseling? Why not just file for Personal Bankruptcy?

avoid bankruptcy 

For some people, that is the correct answer. Filing a Chapter 7 Bankruptcy, if you live in the United States, will discharge most of your debts, and give you a fresh financial start.

However, there are some disadvantages to personal bankruptcy, and there are some reasons to avoid filing bankruptcy.

First, no-one wants to go bankrupt. Credit counseling allows you to repay your debts in full, which is a great option where possible.

 

Second, with a bankruptcy on your credit report, it may be more difficult to borrow in the future, such as if you want to get a mortgage after bankruptcy.

Third, most people feel better knowing that they have made a deal with their creditors to pay them off over time through credit counseling.

It is important to research your options, so consult with a credit counselor or a bankruptcy attorney to review your options, and be sure to read the articles on the left hand side of the page to become fully informed, so you can make your own decision.

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