You have to wonder if bankruptcy is really the right solution for you? Or is it the right solution for your attorney. There are actually a number of different solutions for debt settlement, such as debt consolidation, debt management, negotiation of debt and even some do it yourself programs. The real truth of the matter is that there are plenty of ways to settle debt and avoid bankruptcy. You will have to cut back on your spending, possibly work an extra job to bring in more cash but these things can help you get out of debt and start on a program to repair your credit. Just getting rid of the debt is only the beginning. Credit repair is the second part of any debt reduction program.
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If your credit isn't good it goes without saying that everything you try to do will be difficult. You need good credit to buy a house, lease an apartment, refinance your loans, or actually to get any type of loan at all and this includes most credit cards. Even if you can get a loan, the lower your credit score, the higher your interest rate.
The good news is that it can be done and it can be done in less than a year in most cases. Depending on the degree of debt, some individuals can completely repair their credit in less than 6 months. When you consider that a bankruptcy will stay on your credit report for 10 years, debt reduction/consolidation seems like the way to go.
If you are searching for help to reduce your debt you might try your local United Way or Credit Union. Many of these have joined together to help millions of people with credit issues. There are also numerous programs on the internet if you would prefer a "do it yourself" method.
The thing to remember is that you have a choice...so think hard before you make your choice in debt consolidation vs bankruptcy.
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