Bankruptcy is Not the Answer | Debt Consolidation Part 10

One last question

Bankruptcy will keep you a slave to your credit report, but debt consolidation can get you going in the right direction.

Welcome to the final chapter in Personal Money Store’s guide to debt consolidation. By now you should have a pretty good idea of whether you should pursue debt consolidation.

But is there one lingering option nagging at the back of your mind? If you think bankruptcy is a better alternative than debt consolidation, think again.

Why do people consider bankruptcy?

Perhaps you found out how long it will take to pay off your debts, even with debt consolidation, and it’s longer than you thought. Perhaps you like the idea of supposedly “wiping the slate clean.”

Bankruptcy is never a good option. People who file for bankruptcy should do so because they really, truly, without a doubt have no other options.

Why avoid bankruptcy?

Filing for bankruptcy will follow you forever. Chapter 7 Bankruptcy stays on your credit score for 10 years. Chapter 13 bankruptcy stays for seven years. However, if someone inquires about whether you’ve filed bankruptcy at any point, ever, and you don’t own up, that’s criminal fraud. ... click here to read the rest of the article titled "Bankruptcy is Not the Answer | Debt Consolidation Part 10"