(ARA) - If you’re carrying thousands of dollars in credit card debt, struggling to pay the rent every month and getting calls from collections agencies, you might be considering bankruptcy. Yet for almost all circumstances, a good financial advisor will tell you that’s the last thing you should do.

Once you declare bankruptcy, there are many unpleasant implications. Not only do you lose control of your assets and have your dignity taken away, but when the debt is finally paid off, it will be very difficult to obtain credit again. Bankruptcies remain on your credit report for 10 years.[read more]