Credit card bankruptcy is considered to be a much feared option in the present. It is mainly because of the world financial crisis and related issues that have been playing a major role in throwing consumers towards harmful strategies like bankruptcy. Consumers do certainly fear aspects like bankruptcy due to many reasons and frequently search for the ways that can take them out of huge debts.
Even though it may create a sense of relief at the beginning of its process and plans consumers will certainly wish they hadn't picked it when the results are out. Mainly you will receive a weak credit score as a result of bankruptcy and maintaining it in a positive track will be one of the most difficult things. This will carry on for the next 10 years. Furthermore, your records will be maintained by the court of law making your wrong turn open to the public. When credit applications ask you about your credit history you will definitely have to make a statement about bankruptcy.
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The cost is another disadvantageous aspect in bankruptcy. Here, you will be asked to seek help through a credit counseling service prior to filing bankruptcy. Since the recent changes in the bankruptcy law has increased its fees it is better if you hire an attorney for the job. However, you will be paying around $700-$2000 for this entire process which can be certainly used in paying your debts.
The bankruptcy law has further stressed the entire process of bankruptcy introducing the instructions under two main chapters. The laws under chapter 7 are expected to clear all you debts except domestic support and taxes. Chapter 13 will provide you with a period of five years suggesting that you should pay as much as your debts the way you can.
Therefore, it is clear that bankruptcy will only increase your stress in the long run throwing you into depths that can be unimaginable at times. It can certainly provide you with more stress than relief which is a very good reason to state it as the worst option for credit card debt.
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