Debt is rising in this country faster than ever before, both for our government as well as for many hardworking individuals and of course the newly jobless. The question is Should You File For Bankruptcy to get rid of your unsecured debt? The answer is no, except in very extreme cases. Why is bankruptcy so bad? Bankruptcy follows you for 10 years and you still may be liable for some debts. Here’s what filing bankruptcy could mean for you:Bankruptcy could keep you from getting a job. Everyone looks at your credit report these days. Potential employers want to know how you handle your money. Especially in any job where you might have access to merchandise or handling money, an employer wants to hire someone who shows they know how to handle money well. A bankruptcy is a red flag to an employer that the potential new employee may pose a risk. In today’s job market, the competition for the jobs is at a high. As a result, a bankruptcy will most likely kill your chances. With a Bankruptcy, getting any loan is nearly impossible. Credit card companies are going to charge you the highest rate allowable by law, if they give you a credit card at all. In some areas, you could pay as much as 25 percent.
I’m sure at this point, you get the message. Avoid bankruptcy if at all possible.
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Tags: Bankruptcy