There are many people that are at the end of the rope and are screaming for help with their debts. They do not know what to do and so they see a commercial for a bankruptcy lawyer that promises they can fix their problems for as low as a few dollars to get started. What they don't tell you is what you will go through if you do file for personal bankruptcy. Here are some things to expect.
First, you will have ruined credit for about 7 years. This is typical and this is not to say that you cannot get a loan or credit card after a bankruptcy because lenders will jump at the chance to give you money. They know you cannot file for bankruptcy again for at least 7 years. They will, however, charge you the highest interest rate the can by law and get away with it.
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Second, if you do not have so much debt that you could not possibly pay it off within the next 5 years, then personal bankruptcy is probably an option to consider. Now this means that if you were to make some cut backs every month to free up a few hundred dollars to pay towards your debts, then you could not even come close to paying them off in 5 years. If you are unsure about this go to a financial advisor and they can help you.
Last, you will take a pretty large hit to your confidence and self esteem when you file personal bankruptcy. This is just something that happens when you cannot meet your obligations. This does not mean that bankruptcy cannot help you and cannot get you where you need to go with your finances. It just means that you can expect to have to humble yourself and lose some of your pride because of filing.
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