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Should I File Bankruptcy
Filing for bankruptcy is the answer only when their is no other alternative. It should always be the last thing one does in order to restore their financial freedom.
Going bankrupt stays on your credit report for seven years. That's a long time to suffer for something that can be fixed in other ways. Basically there are a few other options for those feeling the financial pressure of being over extended in a credit based society.
First, take a look at the consumer credit counseling agencies operating today. Some of these companies do excellent work with people that have dug themselves a financial hole. Your credit suffers from this type of action but you can avoid a bankruptcy.
The other option to avoid a credit blemish is to pay off the debt yourself. The cold and hard truth is that working an additional job just to pay off debt is a good idea. Pick the card with the highest balance or APR and put all the money you earn at the additional job into paying off the card. Most people could have their debt paid off in 4 years instead of suffering with a bankruptcy for 7 years.
It's up to the individual to decide whether or not filing for bankruptcy is the right option. If there is any another way to achieve financial freedom we suggest you take it. If you are so far in debt that you can't see daylight perhaps going bankrupt is your only option.