You are financial trouble, you default your loan installments for months, you are not likely to find a new source of income in near team, and should you file a bankruptcy?

Please consider the following implication before you proceed to file a bankruptcy.

1)  Damage your credit rating – May be it is not important to you at the moment, but your life does not stop here. A bad credit rating will affect your future loan application should you decided to get a car or house loan when your financial status gets better in the future, even you could have get one, the interest rate will be very high.

2)  You are not totally discharge – Some of the debts cannot be discharge even you file a bankruptcy under chapter 7 such as taxes and study loans. If you have those loans on hand, filling a bankruptcy will not get you out of trouble. Please consult bankruptcy professional to understand which loan fall under this categories.

3) You will not be able to keep what you want – you are out of control, you are force to sell off what you have and the money will be used to settle your debts.  Bear in mind that you may force to sell your assets way below market price; this is what we call foreclosure.

Please consult a bankruptcy professional before you file a bankruptcy, get the detail information and try to look for others alternative solution.