After paying off your debts, you are then ready for home ownership and other credit needs
. However, with your experiences of distress and misery from your sinking ship of debts, you probably want to stay away from credit card debts, loans, and other kinds of debt. Although this is ideal, you might just have to borrow money again in the future. When that time comes, you know that bankruptcy is not a choice. It only becomes an option when debt reduction programs cease to exist.