Avoid bankruptcy that will ruin your credit for a long time
There are ways to avoid bankruptcy and possibly ruining your credit for a very long time. Bankruptcy filings stay on your credit for up to seven years. This means that during this time, you will not be able to get credit at reasonable rates. If someone does extend credit to you, you will have to pay very high, double digit interest rates, instead of the lower rates that people with good credit enjoy. If you need to purchase a car, your only option may be a buy here, pay here company. And, you will not be able to buy a house. So, it is wise to avoid bankruptcy at all costs.