Bankruptcy

Filing for bankruptcy is a way to wipe out the bulk of your unsecured debt immediately, but it comes at a large price.

Bankruptcy stays on your credit for 10 years and can stay in your records for over 20 years. Having a bankruptcy filing on your credit makes it difficult to make large purchases such as buying a home or car.

Additionally, your bankruptcy can affect you negatively even when you are not making a purchase. For example, potential employers can uncover your bankruptcy filing with a simple background check for decades to come.

If you are approved for loans after bankruptcy, those loans will inevitably come with exorbitantly high interest rates. You will end up spending tons of extra money in interest payments. As a short term solution, bankruptcy is very attractive to some people because your debt is instantly disposed of, but in the long term, you will end up paying dearly.

If you have been considering bankruptcy, you should take the time to investigate other options. It may be that bankruptcy is the best choice for your particular situation, but you may be able to get out of debt without tanking your credit with a bankruptcy filing. Most of your other debt relief options will negatively affect your credit, but bankruptcy is by far the hardest one to rebound from.

At The Debt Store, we help our clients eliminate their debt through a debt settlement program. With our program, our clients dispense their debt in 1-3 years and can start rebuilding their credit immediately.

Click Here to find out how the Debt Store can help you be debt free