| You decided you need to do something for your | | | | A bad credit score is probably the worst thing that |
| difficult financial situation, but you are overwhelmed by | | | | could happen to you; you need to know this before |
| the options available to clear debt. You probably | | | | filing for bankruptcy. Also, you won't be able to file |
| thought about bankruptcy and you probably realized | | | | again for bankruptcy until eight years or more have |
| that it is a good option for you, but have you | | | | passed since you first filed. |
| considered debt settlement too? | | | | I will compile the complicated procedure with the stress |
| You need to see the advantages and disadvantages | | | | in this paragraph since the procedure will really |
| of these two options before making such an important | | | | influence your state of mind. Many people who |
| decision for your future. | | | | experience bankruptcy need psychological counseling |
| We will first name the disadvantages of bankruptcy | | | | because this is a very demanding process that |
| and then discuss each one. The disadvantages are the | | | | requires mental strength and a clear mind. |
| following: selling your assets, a bad credit score, | | | | The paperwork is huge and in most cases you need |
| complicated procedure, a lot of paperwork, expensive | | | | to hire an expert to do it for you, which brings me to |
| lawyers, stress, and a bad reputation. | | | | the lawyer you have to hire. Also, thing about how |
| Selling your assets might seem a good idea to clear | | | | much it costs to hire a lawyer. |
| your debt. When filing for bankruptcy the court usually | | | | Last but not least, think about the fact that your |
| decides to sell whatever you own in order to pay for | | | | reputation might be also affected and people who |
| what you owe. But the bad thing is that your belonging | | | | trusted you with money might not do it anymore. |
| won't be sold for their real price, but for a much less | | | | Think about what you read above before even |
| amount than they worth. This can be really | | | | considering bankruptcy; although it seems like an easy |
| disappointing for you, especially because it requires | | | | option and a way to clear your debt it's much more |
| more assets to be sold. | | | | complicated than that. |