What Are The Downsides Of Filing For Bankruptcy?

Learn why you might want to reconsider filing for bankruptcy. Find out how to save your credit (& boost your score) by disputing errors w/Credit Glory.

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What Is The Downside Of Filing For Bankruptcy?

Filing for bankruptcy might seem like a solution to your debt problems. However, bankruptcy has a long-lasting impact on your credit (& tanks your score). Not good. An easier alternative (that boosts your score) is disputing inaccurate marks w/help from Credit Glory.

Why you might consider filing for bankruptcy (& why you shouldn't)

Filing for bankruptcy might seem like a fresh start free from debt. You might be considering bankruptcy to stop creditors from collecting on a debt. Or as an easy way to get relief from debt. However, you might want to reconsider.

Why? Because bankruptcies have a long-lasting impact on your credit report. They can drop your score by as much as 200 points — & they stay on for up to 10 years! Not good.

Downsides of filing for bankruptcy

Poor credit is a serious downside of bankruptcy, but it's not the only one. Filing for bankruptcy also means:

  • Potential loss of property and assets
  • Difficult to get loans & lines of credit
  • Some debts are not discharged
  • Filing bankruptcy can be expensive

Better alternatives to bankruptcy

While bankruptcy might seem like your only option for dealing with debt, there are alternatives.

  • Negotiate a settlement - In some cases, you may be able to negotiate a settlement with the debt collector. Debt settlement agreements often allow you to make a lump-sum payment in return for settling the debt. However, it shows up on your credit report that the debt was not paid in full — which hurts your score.
  • Verify the debt - Debt records aren't always accurate — and you don't want to be stuck with a debt that isn't yours. Having the debt verified is essential. Not only does the collection agency have to provide proof it's yours, but if they don't, you can dispute it.
  • Dispute the debt - If there's no evidence proving the debt is yours, you can dispute it. Sending a dispute letter to credit bureaus with evidence for your claim to get it removed. An easier alternative is having a credit repair company (like Credit Glory) dispute it for you.

Bottom line (& next steps)

While you can check your credit, look for errors, and dispute them yourself, it takes time (& hard work). Looking for an easier alternative? Consider working with a credit repair expert — like Credit Glory. They do the work for you, so you don't have to.

Why repair your credit w/Credit Glory vs DIY?

Removing inaccurate negative items helps improve your credit (& boost your score). DIY credit repair is a headache. Partnering w/Credit Glory is often a simpler alternative. Why?

  • Easier - Making a mistake disputing DIY costs you. Credit Glory helps you build a strong case for disputing inaccurate collections (& boosting your score).
  • Saves you money - An unsuccessful dispute leaves you stuck with debt (& poor credit). Credit Glory helps you boost your score — which means saving money on loans (& interest rates).
  • Top-class customer support - Credit Glory has best-in-class customer service to answer questions and keep you updated. Credit Glory even offers an industry-leading 100% money-back guarantee (if no errors are removed in the first 90 days).

Start building your credit (& boosting your score) with Credit Glory

Disputing negative items on your credit report is hard work! It takes a lot of time, effort, organization, and follow up. The good news? Our team of credit repair professionals is here to simplify everything!  Let your dedicated credit repair expert relieve you of the stress, hassle, and time needed to fight your inaccuracies and boost your credit score (FAST!)

Credit Glory is a credit repair company that empowers consumers with the opportunity and knowledge to reach their financial dreams in 2021 and beyond.

Call us at (855) 938-3044 or set up a consultation to get started, today!

Get Your Bankruptcy Removed Professionally

In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.

If you're looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on (833) 766-4803 or setup a consultation with them. They also happen to have incredible customer service.

Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.

Why choose Credit Glory?

Competitor 1
Competitor 2
Price
$99/m (+ small, one-time $199 review & setup fee charged once your letters are sent)
$90–$130/m ($130 most popular)
$79/m (+$79 review/setup fee)
Customer Service
Mon - Fri: 9AM - 8PM
Sat & Sun: 9AM - 5PM
5 days/wk (M-F), 7 A.M.–7 P.M.
5 days/wk (M-F) 9AM-5PM
Guarantee
Industry-leading 90-day, 100% money-back guarantee (if we remove no negative items)*
None
Money-back guarantee
Reputation
A+ BBB rating (4/5 stars)
No BBB rating (2/5 Stars)
C- rating w/BBB
*Less the initial setup fee
Accurate as of October 28th, 2020

Start Fixing Your Credit, Today!

Call and start your credit repair process, today! Don't let inaccurate items on your credit report hold you back.