Pros and Cons of Bankruptcy
What is bankruptcy and why is it important?
Bankruptcy happens when you cannot pay most of your debts, and when you file it, your credit will go down significantly and will not be able to do many financial things you were able to do before (get a loan, open a checking account, etc). It's important to know your options when you begin to drown in debt and what will happen if you choose this path.
- Takes away all of your credit cards
- Makes it almost impossible to get a mortgage, loans, or even a job.
- Stays on your credit report for 10 years, so it's not a quick process.