Seven years is a long time to deal with negative information on your credit report. Ten years can seem a lifetime, but that’s how long bankruptcy will follow you into the future. Bankruptcy is often seen as magical relief for your financial woes, but it isn’t–it can be just the beginning.

Filing bankruptcy should be the absolute last resort to resolving debt issues, having exhausted every other avenue.

Debt Counseling
Beware of any company that says it can wipe out your bad debts. If you’re going to work seriously on your credit problems, do it with counseling from the right sources.

Filing for Bankruptcy
If you must, at least find out which type of filing best suits your situation.