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Christian Credit Counselors is a non-profit organization that was created to help individuals and families regain control of their finances through the use of educational tools, credit counseling and other resources.

Why Bankruptcy Is Not the Answer

Many people think that after bankruptcy you'll be able to start over financially and have a "clean slate." The reality is bankruptcy causes long-term damage not only to your credit report, but to your psyche as well. Bankruptcy will stay on your credit report up to ten years, and even after that, loan applications and many job applications ask if you've ever filed. No matter how long ago the bankruptcy was, you're obligated to answer "yes." It also stays in court records for twenty years as public record. It's important to realize that not all debts can be discharged, such as alimony, child support, student loans, and most tax claims.

 More reasons to avoid bankruptcy:

• More difficult to qualify for a mortgage or rent a home
• More difficult to qualify for an auto loan or other loans
• You'll have higher interest rates
• May have to liquidate assets or set up a repayment plan
• Be subject to property repossession
• Time consuming and complicated process
• Prevent or slow personal goals
• Tarnish social status
• Damage business
• Damage marriages

The bottom line is that bankruptcy is not a wise solution and it is followed by harmful consequences. The best debt solution is to put all your energy into a debt management program through a professional and licensed non-profit credit counseling agency, such as Christian Credit Counselors. It's our job to present a solution to your debt problem. With our guidance, you'll obtain the resources to become debt free, your credit won't be completely ruined, and you'll gain peace of mind.