Should you declare bankruptcy ?
Should I or should I not declare bankruptcy? A question
asked by millions of people daily. There are so many reasons
a person could file bankruptcy. Taking the time to sit down
and look at their actual situation can help a couple or
person come up with the best and correct answer. Bankruptcy
has so many pros and cons to consider before signing on
the dotted line and ruining you credit for the next 7-10
years of your life.
Bankruptcy is kind of like signing your life away. One
minute you have pretty good to descent credit then the next
you are out of luck and have the worst credit possible.
will lower your credit rating down to the lowest that can
Bankruptcy should only be used by people who are only severely
in debt and there is no way out. Just letting your bills
pile up and up instead of paying them is not the reason
to file bankruptcy. Always try to fix your financial situation
with an alternative solution, and if that does not work
you could file bankruptcy.
The laws on bankruptcy are changing all the time. A person
should not view bankruptcy as the reason to run up a massive
amount of debt and then if you can't pay just file bankruptcy.
Try giving it shot with a very reputable debt consolidation
company before throwing in the towel. That way you could
at least try to rebuild your credit, than lose out for 7-10
Bankruptcy brings on huge interest rates on car loans and
the reality of not being able to purchase hardly anything
on credit for the next couple of years. You can get credit
cards with small credit limit, if you manage them responsibly
then you can rebuild your credit and the limits will increase
over time. You can find a company that offers help with
declaring your bankruptcy. For example www.bankruptcyoptions.com.au.will
provide you with a professional advice.
A persons best bet would to be look up as much information
as possible before deciding to take the next step and sign
on the dotted line. Bankruptcy can either be good or bad
depending on the persons situation. Make sure you know everything
there is to know before going through with it.