The history of filing bankruptcy for simply not wanting to payback unsecured loans is as old as the credit card itself.
People have been filing bankruptcies just to get out of temporary financial problems.
Earlier it didn't have much effect and people all the time did this without any repercussions.
Now things have changed.
Credit card debt bankruptcy has a lot of impact on the person's financial prospects in the future.
The fact is that it is not always that only bad and corrupt people have financial issues for which they resolve to bankruptcy.
In fact this option was meant to help those who lost it all and have no other option to pay back their debts.
Filing a bankruptcy today is what I consider a folly as there are so many options for you to choose from even if you are unable to pay back your debts.
Debt Consolidation This option allows you to consolidate different loans to make one big loan.
This way the amount becomes large enough for you to qualify for a relief program.
This is ideal when you have multiple small credit card debts and paying off each is a problem.
This makes payments easier as your debt gets rescheduled and all you have to pay is for one loan with the installment fixed with your current financial resources in mind.
Debt Elimination Debt elimination works for those who have credit card debt of $10,000 or more.
Your debt settlement company can help you win an elimination of 60% or more of your current credit card balance.
This is a great option to exercise as a large chunk of your bill simply vanishes.
In some cases it even becomes affordable to pay back immediately.
You can always get a financial counseling online form a reliable relief network to find out the details of available relief options that suit your particular situation.
You get many options in each option to make matters convenient for you.
With so many alternatives currently available no one can claim that he or she has no option but o file a bankruptcy.
So stop thinking about insolvency and consider alternatives which can get you financial freedom and keep all venues open for you in the future.