Filing Bankruptcy

Many ask if bankruptcy is the only answer to your financial crises. I just can't lay enough emphasis on the fact that it should only be considered in the situation where there is no other alternative to the problem. Filing bankruptcy must be the last resort to any one's financial crises, and all other ways of solving one's financial situation must be completely tried before thinking about bankruptcy.

I have pondered on this subject long enough and the only upside I can find to filing bankruptcy is that it gives you the release from the harassment by lenders via calls and letters. If you are in severe debt, the only reason you would be thinking about bankruptcy in the first place is that it gives you a chance to start over again with a clean slate and removes all your previous financial life history. If you are filing for a bankruptcy, you probably have hurt your credit score to a point where it can't be hurt anymore and if it is not that way, then you are making the wrong decision by going for bankruptcy. You should only think about bankruptcy when you are in a state of credit history where it is already too low, and you can't inflict any more damage on it.

Some say bankruptcy shows on your credit report for seven years, but the actual fact is that it does for ten years. During this time, you are mostly unable to qualify for taking in any more debt, and this is the time where you actually rebuild your finances up by minimizing the spending and getting yourself a better credit score slowly and gradually.

I am sure that these small things I have discussed have actually alerted you of the true nature of filing a bankruptcy, and remember that it could be the best you could do for yourself sometimes because its just not worth it to fight with your debt forever, when you know that nothing else you do is going to help you in your struggle against overwhelming debt. You should also know that you are not alone in filing bankruptcy, as a lot of the successful people you see right now has done it once in their lives. Things happens you know, companies go down, people lose their jobs, medical emergency occurs, and you just end up piling yourself in huge debt.

So again I am going to repeat myself. Do whatever it takes to solve your current financial problems, but if nothing works, you shouldn't wait more to go for the last resort; filing bankruptcy. You shouldn't care what other people say, because you are in the situation and you know what is best for you.

Just be aware, after your bankruptcy, people can find your bankruptcy records via public records. It could affect how people see you and how easily you gain trust.