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Bankruptcy is an extreme solution for those who cannot make payments on their debt. There are many downsides associated with it! Declaring bankruptcy is very serious and can damage your credit score for seven to 10 years and can even make it more difficult for you to rent a home or get a job. Before declaring bankruptcy, discuss your options with a nonprofit or an accredited credit counseling agency with certified counselors. They will help you create an action plan to assess all of your choices before you make a final decision. Don’t be duped by debt settlement advertisements, most of which are from for-profit companies that want to make money from your situation.