When the recession hit the economy all around the world, no one was able to safe himself from the effects of this down turn. Every other person got entangled in the effects of this situation. People were laid off from their jobs very frequently. They had to face loss in their businesses and were left in a lethargic situation. People made frequent use of their credit cards in order to meet their day to day needs. They were in a hope that this recession will not stay for a long and they will be able to pay their debts in time. But it did not happen and the recession prolonged. It added to the worse conditions. Finding no way out, people started filing for bankruptcy.
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There is No doubt that bankruptcy is a legitimate way for getting out of the pools of huge debts but at the same time, it leaves many negative impacts on the life of the person who files for it. It creates a negative impact on the credit rating of the person. Due to this fact, the person remains no more eligible to get a good job because when the employer will see negative credit rating, he will not offer the person a job. Moreover, a bankrupt person becomes ineligible to get any kind of financial aid from any of the financial institute for the next many years. It can be said that for the next 7 to 10 years, he can not ask for any kind of financial aid.
Bankruptcy not only affects the life of a bankrupt person but his family is also affected. Their social life gets disturbed. Moreover this is a long procedure. It requires a person to hire a professional lawyer to file a bankruptcy case on the person's behalf and the debtor will have to pay fee which would be more than the money he owes. Lots of paper work and documentation is required for this process. Keeping in view all these disadvantages, it is advised not to file for bankruptcy at all. It should be kept as a last resort because there are other methods available in the markets to eliminate the liabilities.
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