Bankruptcy is not an easy option

Experian, the credit score, rating and loan experts have warned of the dangers of bankruptcy and spell out the challenges with thinking it as an easy out for debt problems.

If you consider bankruptcy, you can expect for the proceedings to last from about 12 months to as long as 2 or 3 years. Then you will have the insolvency or bankruptcy on you credit report for at least 6 years to as l ong as 15 years. This will seriously affect future loans and credit agreements and maybe even affect job applications.

"We want to make sure that people understand the consequences of bankruptcy," said James Jones, consumer affairs manager for Experian.

"People who come to us generally think their credit record is wiped clean after being discharged. This is not true. Bankruptcy is no easy way out of debt.

"We urge people who are considering the bankruptcy option to seek advice," Mr Jones continued. "After you're discharged from bankruptcy there are some serious ramifications."

Experian launched a new guide to insolvency and debt solutions, called "Your Credit Report and Bankruptcy" last month. Their aim is to use the credit report guide as a way to educate and build awareness of the process and ramifications of bankruptcy with consideration to both the short and long term impact on your life.

Here are some additional resources that may be useful as alternatives to bankruptcy for debt reduction and debt management.

- HFC will work with less than perfect crerdit to provide home loans. HFC is part of the HSBC Group, home to one of the world's largest banks. Their organization is here to stay and has helped people like you reach their goals for more than 150 years. - HFC Loan

- Credit & Debt - Debt Consolidation

- Credit & Debt - Mortgage Refinance

- Learn how to eliminate your credit card debt and restore your financial health. Explore Your Debt Relief Options With A Trained Debt Analyst! Apply Now!

- Lower your payments, reduce high interest rates and help rebuild your credit rating. It takes less than 2 minutes to get on the road to Financial Stability. Best of all, it costs you NOTHING. To get started, visit ExpertDebtSolutions.com

- Superb Debt Settlement's debt negotiation program can be the fastest and most convenient means to help you achieve financial freedom and a debt-free life. With Superb Debt Settlement, you can expect to be debt-free in as little as 12-36 months, depending on your individual circumstances. Superb Debt Settlement works for you - NOT your creditors. Credit "counseling" services usually work for your creditors, earning a percentage of what you pay to your creditors. At Superb Debt Settlement, they work for you by negotiating a settlement of your debt - usually at 50 cents on-the-dollar, or even less! Apply Now!