Bankruptcy is a debt resolution alternative sometimes offered to consumers who are seriously in debt.

Bankruptcy involves the filing of a petition with the bankruptcy court in order to obtain protection from creditors.

The choice to file bankruptcy may have more negative than positive effects and is usually devastating to your credit. In addition to filing fees and possible legal bills, bankruptcy can remain on your CREDIT PROFILE for up to ten years and can affect future credit, housing and employment applications. Bankruptcy is regarded as a poor choice and an irresponsible alternative to eliminating debt.