BEFORE YOU DECIDE TO FILE, THINK ABOUT THE ALTERNATIVES TO BANKRUPTCY

Bankruptcy should be the last resort to getting out of debt. It will stay on your credit report for up to 10 years, guaranteeing that you will receive higher than normal interest rates on future financing close to the bankruptcy filing. Some debts will remain anyway such as recent IRS debt, student loan debt and debt incurred through fraud just to name a few. Bankruptcy may be better for someone who has little income, extremely high liabilities and no realistic way of paying those liabilities back within a reasonable time period.