| Missing on your debt payments not only affects your | | | | * You must consult a lawyer and know all the pros |
| credit score. It also leads to sleepless nights and in | | | | & cons of this step before deciding anything. |
| some cases grave tension. Most often it is the credit | | | | Credit card debts are not big an issue that you declare |
| card companies that buzz you the most. When you | | | | yourself bankrupt. |
| are not able to meet the credit card debts should file a | | | | Bankruptcy Alternatives |
| bankruptcy under Chapter 7? | | | | * With the Stimulus Package 2009, President Obama |
| Here are few points that would help you make the | | | | has offered several grants. You could get one of |
| right decision: | | | | these and use the money to pay off your credit card |
| * You must understand that filing a Chapter 7 | | | | debts. These grants are directly given by the Federal |
| bankruptcy is not wise enough. It adds to the bad | | | | Government and you can apply for the same of the |
| credit score for 7 years. | | | | Government's official website. Here you would not |
| * All these years, you would have major problems | | | | even have issues if you have a bad credit score. Just |
| getting a credit card, home loan, car loan, personal loan, | | | | give the right & complete information & you |
| etc. | | | | would get some government aid. |
| * Many people do file Chapter 7 bankruptcy in place of | | | | * Other alternatives could be getting some personal |
| Chapter 13 to get rid of the credit card debts. It is a | | | | loans from the banks. Now with the Stimulus Package |
| partial declaration of the financial losses, unlike Chapter | | | | you can get the loans at bad credit scores as well. |
| 13. But it does bring a bad name to you financially | | | | You must try for one these after the online research. |
| & legally. | | | | |