When you are thinking about filing bankruptcy you want to make sure that you have enough debt to file. When your monthly expenses are more than your income, you should really consider filing bankruptcy, the alternative is to try to pay off all of your debts yourself and if you are not making enough money to do this then you will only continue to gather more negative marks on your credit as time goes on and your credit will continue to get even worse. Once you get in that downward spiral it can be nearly impossible to pull yourself out of it. The great thing about bankruptcy is that it allows you to focus on the future and begin working toward it.
Bankruptcy will show up on your credit report, but it will be one mark, as opposed to the dozens of numerous marks you had on it before. It also stops the debts from accruing. It will squash them and give you the ability of bringing yourself to just having your current bills to pay, such as your utilities. When you file bankruptcy you may think that you won't be able to get anything financed or receive any credit, this is not true. Many companies will excuse a bankruptcy much easier than they would someone that has a lot of bad marks on their credit.
Bankruptcy will also stop you from getting those harassing phone calls from your creditors. From the point that you file your bankruptcy they will not be allowed to call you and if they do then you will just tell them that you filed and they are required to stop calling you. The harassing phone calls can be very stressful and ending them is another great advantage of filing bankruptcy.
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