Facts You To Consider:
Bad Credit Bankruptcy Options & Resources

• Filing bankruptcy can be expensive: Court costs and attorney’s fees add up. This is money that could be spent bringing past-accounts current, or making payment arrangements.
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• You may not have enough cash-on-hand to hire an attorney. Fees vary, but lawyers will charge anywhere from $400 to $1,200 for your run-of-the-mill filing and it can cost even more if it's a complicated case. In high-priced urban areas, filing for bankruptcy can cost on average from $1,000 to $3,000. Your lawyer will want his payment before he'll represent you.
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• You may lose property: Your assets, including your home, car, heirlooms, and jewelry, may be liquidated and the proceeds divided up among your creditors.
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• It doesn’t solve spending problems: Bankruptcy won’t be much use if you spend more than you make. Because high cost credit is available even after discharge, many people quickly descend into debt again. Create & stick to a Budget - click here.
   
• It may jeopardize your relationship with your bank and/or credit union. If they take a loss on an account you hold with them, they may not extend benefits of membership to you in the future.
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• Not everything can be discharged: You can only walk away from such unsecured debts as credit cards and signature loans. So if a good portion of what you owe consists of student loans, tax debt, legal fees, or back child support, bankruptcy won’t help.
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• Bankruptcy will stay on your credit report for ten years: The damage to your credit report can prevent you from renting an apartment, buying a home or car, or even getting insurance. And many employers are now pulling credit reports to determine a candidate’s responsibility and stability, so even your future job may be at stake.

If you’re experiencing financial problems, strongly consider Credit Counseling or Credit Consolidation. These are companies that offer financial education and counseling services which will help you get your finances in order, pay down your debt, and reach your goals all at no charge to you.

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