The recession seems never-ending and more people are trying to get rid of their debt as soon as they can.
A lot of these people choose bankruptcy as an option for their debt, but most of them don't know how bad bankruptcy can be for their situation.
It can come with a lot of disadvantages which would definitely influence your future in a bad way.
Bankruptcy might make things hard for you when you will want to get a loan for your expenses in the future.
It doesn't matter what chapter of bankruptcy you filed, the situation is the same for all of them, and your credit score is damaged.
The damaged credit score means that you cannot take a loan for at least 7 years.
So, as you can see choosing bankruptcy is not the right solutions for those thinking of getting another loan in the future.
Another reason why bankruptcy should be the last resort is the fact that it involves a lot of emotional trauma because it is a stressful situation; added to this, the fact that your name will appear in the paper with the fact that you filed for bankruptcy is also an impediment when it comes to choosing bankruptcy.
Are there alternatives to bankruptcy? There are many alternatives which don't involve being prohibited to get another loan and having a smashed credit score.
Some of these solutions can be debt settlement, debt consolidation, debt management etc.
The great thing about these is the fact that any person can choose them and they are also supported by the government.
You don't even get great deals for them but the influence on long and short term is not that big.
Bankruptcy can also be costly, unlike some of the solutions presented above, especially because you have to hire an attorney who will definitely ask for a big fee.
The hard thing for you will probably be the fact that you are already in a bad situation and you will have a lot of expenses with the process.
The other thing that needs to be taken in consideration is the fact that you might pay for the clearance of your debt because they court might take your belongings.