Is filing for bankruptcy bad for you? Deciding whether to file for bankruptcy can be extremely difficult, mainly because of the significant impact it has on your credit.
A Chapter 7 bankruptcy, for example, will stay on your credit report for 10 years.
However, if you’re facing considerable financial hardship because of unpaid bills declaring bankruptcy may provide a temporary release.
It’s important to weigh all the factors before deciding if declaring bankruptcy is the right decision for you and your family. Here are some issues to consider before taking action.