Types Of Bankruptcy - Why You Should Avoid All Types Of Bankruptcy

First, if you do not have debts that total over twice your annual income, then you should not be filing either of the two types of bankruptcy. You have to be in a very desperate situation that you just cannot even come close to getting out of. This is usually what happens when you lose a job and have to take a position that does not give you nearly the income you are used to.

Second, if you are even considering a chapter 13 bankruptcy, then you need to reconsider. There are plenty of ways to get yourself on a debt repayment plan that with do the same thing for you as a chapter 13 bankruptcy without killing your credit for many years. Plus the fee you will pay will be less than your lawyer fees and you will probably be able to get credit counseling to help you as well.

Last, do you understand what bankruptcy does to your credit? It will completely ruin you for at least 7 years. Not only that, but the loans and credit cards you will be able to get will have high interest rates and will cost you a fortune over the long run. Bankruptcy costs you your reputation, your lawyer fees, and all the interest you will pay over the following 10 years. Think about that before you choose any of the types of bankruptcy.

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