When is bankruptcy an option $$$$

Consider the consequences of filing bankruptcy before you file for it. Bankruptcy is a negative remark and will stay in your file for a period of 10 years. The creditors will view your bankruptcy filing in a negative way. They might be least interested in offering credit to you in the future.

http://www.debtconsolidationcare.com/avoid-bankruptcy.html

Other than this, bankruptcy is a negative remark and will lower your credit scores considerably. Opt for a consolidation program as you will be making payments towards your debt without any financial pressures. The consultant will offer you budgeting programs and other useful tips so that you can pay off your past debt quite comfortably.

If you still face difficulties in making the payments in the consolidation program, you might need to look forward towards bankruptcy.

Please check out this site. In order comply with forum rules I have to make the address unclickable, but just add the http:// in front to view it. This should give you an idea of what you will have to do in order to prove you are bankrupt and file.

bankruptcyaction.com/bankreform.htm

This site may also help provide some guidance
abiworld.org/Content/NavigationMenu/Consumer_Education_Center/Should_I_File_for_Bankruptcy_/Should_I_File_for_Bankruptcy_.htm

Consider all possible options, now matter how seemingly crazy before you consider filing for bankruptcy. It can have a long lasting effect on your credit report, and your ability to gain credit. There have been many articles lately saying creditor are giving credit easier to those who file, but what they don't tell you is that they are also charging outrageous interest and fees to these accounts.

There is not "magic" number when you can file bankruptcy (except as determined by law and this varies by individual), but if your debt load really isnt all that high, you may file bannkruptcy, whc will close off that option in the future if you find you may have a greater need for that later on.

Please consider all alternatives before filing. One requirement is that you under go a Financial management course. I would suggest you strongly consider debt consolidation as an alternative. Depending on your situation, you may be required to file chapter 13, and not even be eligible for chapter 7 at all.