2007-12-11 11:19:27 · 6 answers · asked by ghet0z 1 in Business & Finance ➔ Personal Finance
Because SOME people believe you should PAY YOUR DEBTS whenever possible.
2007-12-11 12:03:14 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
For several reasons:
If you do it on a whim and you later (within 8 years) have something disasterous happen that would warrant filing, then you are stuck waiting for the time to pass to file again.
If you can afford to pay your debts, then you really don't have a valid reason to file, which is why the new law was passed, to prevent people that can afford to pay their debts from filing.
Some of the alternatives people on yahoo answers offer, aren't really very good alternatives however. Most credit repair entities charge you to do what you can do yourself. Many credit consolidation companies are total rip offs and can make your credit worse.
If your are about to lose your house, it is better to file bankruptcy (chapter 13 to save it, chapter 7 to surrender it) than to let some scam artist convince you to sell it to them (for very little and they won't even pay off the mortgage so you are in a worse position) and lease it back to you.
As bankruptcy has a very negative impact on your credit, it isn't a decision that should be taken lightly, but is a tool that you can use if you need a fresh start.
If you file too many times the bankruptcy court can bar you from filing again.
2007-12-12 10:03:44 · answer #2 · answered by Lesley 5 · 0⤊ 0⤋
For a very similar situation a found a great solution at: HTTP://CREDIT.SAVEFINDER.NET
RE Why is personal bankruptcy considered the option of last resort for an individual?
#EANF#
2014-09-25 23:40:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋
For Credit and finance solutions I recommend this website where you can find all the solutions. http://finance-solution.us/index.html?src=eqkfzQX17
RE :Why is personal bankruptcy considered the option of last resort for an individual?
Follow 6 answers
2016-10-04 14:30:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋
This site can solve your problem very fast: http://WWW.CREDIT-COMPARE.NET
RE:Why is personal bankruptcy considered the option of last resort for an individual?
2014-07-01 18:37:20 · answer #5 · answered by Anonymous · 1⤊ 0⤋
It is considered the option of last resort because it's the only way to pay for all of your debts and such if you have no money left and you HAVE to pay up b/c it just wouldn't be fair if you don't.
2007-12-11 13:33:53 · answer #6 · answered by anonymiss. 3 · 0⤊ 1⤋