Is filing bankruptcy the better option?
We feel obligated to inform you that filing bankruptcy carries with harsh consequences that severely harm your credit rating. In fact filing bankruptcy is the single most damaging act with regards to your credit. When you file for bankruptcy, each and every one of your accounts will be “included in bankruptcy”. Also, the bankruptcy filing and discharge listing will appear for all potential future lenders directly in the court records section of your credit report. Essentially, the ultimate consequence of filing bankruptcy is that every item present on your credit report will instantly be transformed into a negative item. The negative results caused by filing bankruptcy will be extremely difficult to remove in the future. However, every possible kind of negative information can be removed from a credit report, assuming the right circumstances exist, even a bankruptcy filing. There is no doubt that bankruptcies are more difficult to remove from a credit report because of the systems the
