subject: Credit Card Bankruptcy - Why You Should Not File Bankruptcy for Credit Card Debt [print this page] Credit Card Bankruptcy - Why You Should Not File Bankruptcy for Credit Card Debt
Recession all around the world has left people in a helpless situation. Previously, they were living luxurious lives due to their lucrative salaries. But as soon as the recession hit the world, people were laid off from their jobs and had loss in their businesses too. This situation led them to make use of their credit cards more frequently then before. They were dependent on their credit cards to meet their day to day needs. It pushed them in more miserable conditions than earlier. Finding no way out, people started filing for bankruptcy.
But it is advisable for every one that even if you have decided to go for bankruptcy then you must change your decision at once. There are many reasons behind it. First of all, bankruptcy is the option which enables a person to get rid of his debts but the person has to face bad credit rating. This bad credit rating is responsible for not letting a person get a new job. It is due to the fact that employer will not prefer to employ a person with bad credit rating. Lots of documentation is required for the completion of this process. Professional lawyer hired must have to be paid high charges and these charges become higher than the money a person owes.
Moreover, a bankrupt person becomes unable to look for any kind of financial assistance. It is due to the fact that bad credit rating will remain there for the next seven to eight years. It means that for the next seven or eight years, the person will become ineligible for any kind of financial aid from any kind of financial institution. Over all, life of a bankrupt person will become miserable. His social life will also be disturbed in a way that people will stop trusting him.
It is due to these reasons that bankruptcy should be avoided. In addition, there are many other methods available to get rid of the debts which are legitimate. So it should be kept in mind that bankruptcy should be considered as the last resort to be selected.
Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement. Check out the following link to locate legitimate debt help in your state.
