It has been well-documented that filing for bankruptcy will have negative effects on your credit report, but many people are still unaware of how serious this is. For seven or ten years, your bankruptcy will have a devastating effect on your credit score. To qualify for a mortgage, you need a credit score of at least 625 to 650, and equivalent scores to obtain a decent auto or personal loan. Even credit cards can be difficult to obtain if you have a poor credit history. If you file for bankruptcy, you will reduce your credit score below 600 points, which is one of the worst financial decisions you can make.
Costs hundreds or thousands of dollars. The cost of filing for bankruptcy is between $250 and $300. This does not include the mandatory credit counseling you will likely be required to pay for and the tens of thousands of dollars you may need to pay for a competent bankruptcy attorney. Time is also money, and you will need to invest hundreds of hours over the course of four to six months to complete your bankruptcy case.
Depending on whether you file for Chapter 7 or Chapter 13 bankruptcy, you will be required to continue making payments on the assets you own, or you will lose your assets. In either case, you are by no means in the clear.
There are some situations in which bankruptcy makes sense, but they are extremely uncommon. Avoid bankruptcy if at all possible.""
" - https://www.affordablecebu.com/
