Whats better: declare bankruptcy or sign-up for Credit Counseling program?
Bankruptcy is the very last line of defense for a debt overburdened consumer. A declaration of bankruptcy forces creditors to completely stop from attempting to collect the money you owe. It stops wage garnishment, and depending on which form of bankruptcy you declare, you are free of debt. You get a fresh start. This is very common procedure these days and for a lot of people probably is the only way out of debt. Bankruptcy will stay on your credit report for up to 10 years. Generally, you will have to wait 2 years to apply for a mortgage. On the other side joining the consumer counseling debt consolidation program you’ll have a chance to pay off your debt in 2 to 4 years and your credit report won’t get affected as much.
