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We can't tell you whether or not to file, but we can tell you that it should be the absolute last resort. This is one of the most important decisions you will make in your life, and you owe it to yourself to explore every option before resorting to bankruptcy. Contact GreenPath Debt Solutions to speak to a financial counselor. They will analyze your situation and discuss options with you. One of those options may be a debt management program on which creditors would accept lower payments.
Don't be tempted by the short-term relief offered by bankruptcy. You'll have to live with the negative consequences for years. Here are some points to remember about bankruptcy:
· Bankruptcy does not discharge child support. It also does not discharge alimony, certain taxes, and luxury purchases made within 60 days of filing.
· It will be a black mark on your credit record for 10 years.
· In the future you will have a much harder time obtaining loans, credit cards, mortgages and even rent. If you are able to obtain credit, you will pay significantly higher interest rates.
· It is public information that may be reviewed by potential employers, insurance companies and lenders. |
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