When you need to get debt cleared there are a lot of options that come to mind. One of them is probably bankruptcy and it has become quite common option for people in the last years. It can be very annoying to see how your money don't have the same power and how debt piles up every month. Nowadays, there are a lot of debt relief options that could save you from personal bankruptcy. And I mean it when I say "save you" because bankruptcy is really a bad option for your financials. Let's see why you and your creditors would never gain anything from bankruptcy. And the strange things is that nobody gains anything, except for your lawyer who gets a really big fee.
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The creditor doesn't gain anything because when bankruptcy is done with unsecured debt there's nothing connected to that debt that can be given back to the creditor. Of course, the court will try to sell your assets but their price will be so little they won't even cover 10% of what you own. You creditor would never let you file for bankruptcy and usually threatening him with this is a great strategy to get more reductions in case of debt settlement.
The government doesn't gain anything from bankruptcy either. Actually people filing for bankruptcy was the reason we got in recession the first place; it make the economy more vulnerable and it made things worse for all of us. There were a lot of people abusing the system who took a lot of money from banks and government with the help of bankruptcy. This is why nowadays it is harder to file for bankruptcy than to use other debt relief options.
You don't gain much from bankruptcy, except for the fact that you will get your debt cleared, which would be a good reason for you to choose it. But it's not, if your assets are sold think about the money you will need to replace them, think about the fee you have to give to your lawyer, think about the emotional trauma and the low credit score. You probably don't want that now and don't want it to become worse in the future, so bankruptcy is not an option for you at all.
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