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If you’re financially drowning, of course you can declare bankruptcy.
The problem is that bankruptcy is a serious derogatory mark on your credit.
Several Congressional proposals over the past few years aimed to adjust the rules about medical debt in the Fair Credit Reporting Act.
The most recent proposal in 2014 would erase punitive damage caused by medical bills you’ve paid.
Also, not all debts can be discharged in a bankruptcy. Collection accounts fall off your credit report after seven years.At that point, the delinquency stops affecting your credit. Your credit suffers tremendously in the meantime, and since you’re still legally obligated to pay the debt, a debt collector can pursue you until the statute of limitations runs out in the state where you live.Which strategy will ultimately be the best choice for you depends on your own circumstances, and we can’t tell you what to do.Choosing this option over the others is usually a matter of preference weighed against with your credit score and financial situation.The information below can help you understand how a debt consolidation loan works, how you can use it to overcome your challenges with debt and what you need to know about the risks involved with using this method.