If you thought about moving in another country and changing your name just to get rid of debt, you should think again because there are legitimate options that could clear the debt and you don't have to make any effort. You probably thought that your only legal option is bankruptcy and that wasn't very appealing. If you still think you want to choose bankruptcy, I will tell you some more about it that will definitely change your mind.
Bankruptcy helps people get rid of their debt, Chapter 7 helps them get rid of it completely with what is called liquidation and Chapter 13 helps them pay their debt in 3 to 5 years. Most people want to file for Chapter 7, but few do because of the harsh conditions it implies. First you need to hire a lawyer, then you need to get some more money to pay that lawyer. After you found the lawyer you need to deal with the shame of having your name in the paper when the court announces that you went bankrupt. Now, that takes care of your social relationships. Also, if you choose Chapter 7 you can get your assets sold. It's not a pretty image when the guys come and take the things you bought and have sentimental value for you. That will definitely have a big impact on your moral, which was already somewhere at the ground level. But the bad things don't stop here. Your credit score will be so affected that you won't be able to get another loan for 10 years in some cases. Besides that, the process will also take about 3 to 4 years itself, so think about living stressful all that time. Paying those monthly installments looks better now. If you want to opt for bankruptcy again, you won't be able until 7-8 years have passed, so you need to decide and opt for it in a really bad moment.
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I bet the things you read above made you think that there is no option for your credit card debt. Of course there is, you have debt settlement, debt consolidation, debt management etc. All these options are much better than filing for bankruptcy.
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