There is an understandable stigma associated with filing for bankruptcy. It has an effect on your credit that can last for up to a decade. Even after that decade has passed, when you apply for a loan or you engage in other financial activities, you may be asked if you’ve ever filed for bankruptcy. If you put no when the answer is yes, you could be prosecuted for fraud. That being said, there are a number of times when filing for bankruptcy is going to be in your best interests.
Contrary to what some may think, bankruptcy does not necessarily mean failure. Instead, for many bankruptcy means of second opportunity. Of course, it’s better to be able to pay off your debts as opposed to filing for bankruptcy. In most cases, your creditors would prefer negotiating with you as opposed to having you file for bankruptcy. When you’re able to … Read more