What is your current total unsecured debt and how many payments behind are you? There really are not that many advantages for bankruptcy. Chapter 7 wipes it out clean but those are rare to qualify for. It depends upon how much money you make and what state you are in. Disadvantages of bankruptcy are that most people fall into a chapter 13 which means you pay back the full debt, it ruins your credit for 10 years and the state tells you how much you should pay rather than you deciding your options with a debt settlement. Getting a loan during bankruptcy is extremely unlikely. After 10 years perhaps once its discharged. Hope that helps.


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Qualifying for chapter 7 is not rare or difficult to obtain. Yes it is harder than it was in the past but it is most definately still an option if you have low income.

Debt Management Guys...you obviously are selling a service and are trying to steer people away from bankruptcy and not very professionally I might add. There are many reasons for bankruptcy and quite a few advantages. You get a fresh start, a clean slate so to speak. Relief from debt collectors.
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Soaplady, I'm glad to hear that. I talk to hundreds of people a month and very very few people qualify for Chapter 7 because they have higher income than is dictated in their state. I said its difficult but not impossible.

You are correct though; I don't like bankruptcy because of how it much longer it harms your credit. There is nothing false about what I said; only my experience. Thanks for sharing and trying to attack me personally though :)