Have you been finding yourself in a bind lately? You no longer have a job and your finances are running thin? Well, believe it or not, personal bankruptcy is another way that you can actually deal with debt. However, the consequences are long standing when you do file a bankruptcy claim. If you must file do so, but if you can push through it that can be your best option, as it will stay on your credit for at least 14 years.
Everyone’s situation is different but there are some cases where filing for bankruptcy or chapter 7 will help make a new start financially speaking. What is chapter 7? It’s when they go in and whip out all of your accounts with outstanding balances (not including your student loans), this effectively eliminates the debt and will help you get back on your feet and ready for a new beginning.
Typically, what happens with lenders is you may not be able to get back into the game of financing for a couple of years. You basically have to prove yourself and earn your trust back. Be sure to consult a professional before making any quick decisions that you will affect you long term. When you consult a professional, get at least three options before you make your final decision.
For more tips on how to handle the situation the best you can check out the video above.