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Q: Why shouldn't I just declare bankruptcy?

A. Maybe you should declare bankruptcy. That’s a choice you must make. However, for many people bankruptcy is considered a drastic last measure. While bankruptcy may seem to be the most expedient method for removing your unsecured debt, it is not, by any means, the best answer. A bankruptcy will remain on your credit record for 7-10 years and seriously affect your ability to rebuild your credit. Even after a bankruptcy has been removed from your record, you are still required to disclose it on forms and applications; even applications for employment. If you fail to answer this question truthfully it can be considered a crime. Additionally, certain types of bankruptcy can require a court-appointed trustee to control and oversee all aspects of your personal estate. Bankruptcy can have an adverse affect on your credit rating and lifestyle long after the legal matters are over. This is not a decision to be taken lightly. Bankruptcy is an option that should only be explored as an absolute last resort to solving your financial problems.

Note: This should not be considered legal advice. Mutual Debt Solutions does not provide legal or tax related advice. If you need any type of legal or tax related advice, you must contact a licensed attorney or a qualified accountant.


 

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