I don’t know how I am going to pay off all of my debt.
Do you have a job?
Yes, but I don’t make enough money to pay all of my bills.
Have you considered filing bankruptcy?
What is that?
When you file bankruptcy, you are essentially wiping your financial slate clean.
That sounds too good to be true.
Yes, there are disadvantages to it.
What are the advantages first?
One of the advantages is that your creditors have to stop collecting from you as soon as you file.
That would be a big help right now.
Another benefit is that once it is all done, you will be able to start from scratch.
That is exactly what I need.
Yes but there are also some very bad disadvantages to filing bankruptcy.
What is the down side?
A bankruptcy goes on your credit report for up to ten years.
Why would that be a bad thing?
When you go to apply for future credit, it will be harder to obtain with a bankruptcy on your record.
So if I want to buy a house, I might not be able to do so?
Exactly, because creditors are more cautious with those that have filed bankruptcy.
I want my credit to be as good as possible.
Do you think you will be able to pay off your debts within five years?
If I am able to budget well with my current pay, then yes I could.
Then I wouldn’t suggest that you file bankruptcy.
You’re right, I will just have to be better with my money and pay off my debts.

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