Bankruptcy happens to be one debt relief option that will be open for everybody throughout the year. Any and every person can approach the court and declare bankruptcy. Of course, you will have to satisfy the court that you are indeed eligible for the same.
However, if you do successfully qualify for bankruptcy, you can say goodbye to all your unsecured debts. This means that you will enjoy credit card debt relief this year if you go in for bankruptcy.
You will have to consider the following disadvantages of this decision.
For starters, you will have to tolerate a huge negative impact on your credit history. The bankruptcy is an admission that you have made a mess of your finances than that you need the support of the government to help you out.
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Lenders will be advised by the court to waive their rights and give you a discharge from your obligations. Each and every debt that has been wiped out by bankruptcy will be specified as discharged by bankruptcy on your credit report.
Needless to say, this is considered a very negative point and will make it very difficult for you to qualify for loans. There are many persons who are unable to undo the damage caused by bankruptcy to the credit report even after many years.
Further, there will be a complete dissolution of all your debts. You do not have the right or the option to play favorites. This means that money that you owed to your friends and relatives too would be discharged. If you try to repay the money separately, there is a possibility you may end up in legal trouble.
With so many disadvantages, why should you go in for bankruptcy? You should use this option only if you have tried all other options and none of them work. The only way you can overcome this problem is to request the government to help you out.
Hence, it is obvious you should try debt settlement and other such solutions before you proceed any further. This is a smart move because this will help you bolster your claim that you have absolutely no scope of redeeming your finances. If your lender refuses a 50% to 70% discount and if insists on full and final repayment, bankruptcy maybe the only way out.
Remember that bankruptcy will cost you money. Completing the technical formalities by employing an attorney will not come cheap.
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