Don’t choose bankruptcy as an easy out

For some filing bankruptcy is a last resort but can create serious credit problems – it is not just a “ding” on your credit report – it is a huge red flag to lenders. After a bankruptcy, you will be ineligible for credit cards, many types of credit and will even be told what you can and cannot buy. The procedure of bankruptcy can also be draining. Bankruptcy should only be chosen as a last option if you really require your debts to be forgiven because you have no way of repaying them.

If you are considering filing for bankruptcy, do your research so that you are fully aware of what’s all involved and what how it will impact you short and long term.