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Knowing if You Are a Bankruptcy Candidate

Like we have said before, bankruptcy should be an end of the road option. You only should file bankruptcy when you have no other options in your financial life. So is bankruptcy something that you should take on? You need to know if you are a candidate for bankruptcy, or if there are other options for you. Here are some things that you need to keep in mind.

Are You Aware of the Consequences?

Bankruptcy is not something that goes away the minute you declare. No, it sticks with you for many years. Some say it “haunts” you. But in reality, deep debt haunts you just as much. Bankruptcy may help you clear your debt, but it will come at a large cost. Anything that has a large cost should be thought of very carefully.

Are You Tired?

Has debt got you down? Are you exhausted of worrying every month about debt that appears to be growing? Bankruptcy helps because it offers you help in that area. Your debt goes away, and then you do not have to continue to think about it after that. Sure you may be reminded of it when you apply for credit. But at least your debt is not growing any longer.

Bankruptcy Affects Your Future

You will have a lot of trouble getting loans in the future. If you apply for a new apartment or a new house, then they may see this and think of you as a risk. Can you afford to take this slide for a number of years? If things look like they are turning upward for you, then you may want to sit back for a little bit.

Be Aware of Alternatives

There are alternatives. You can try to settle your debts for less in some cases. Try to work out with your lenders in order to give you relief. Ask if you can push debt back, or if they can try to help you in any other way. See if you can borrow some money from your family or friends. This may not work, but it is definitely worth your time to look into this. Explore all your options and make sure that bankruptcy is the very last option that you can do.

So know what you are getting into, and know how this will affect you. Bankruptcy does not just go away, and it takes time to heal from it. But debt is not good too. It can keep growing and completely crush you. So you need to ask yourself what is really worth it, and if you are out of options.

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