Is opting for bankruptcy an useful solution to get rid of debts?

Yes, bankruptcy will help to get rid of debts. But, it should be your last option. Because it lowers your credit score to about 160 - 220 points. Instead opt for other debt relief options like debt settlement, debt consolidation, and debt management to repay your debts.

Your credit score has already started dropping from the time you went delinquent on your debts. However, the above debt relief options won’t lower your credit score massively just as bankruptcy do. So, try the smart way out.

Though bankruptcy lowers your credit score, but it can give you a fresh financial start. It actually will depend on your financial condition, which debt relief strategy will suit you the best.