 TITLE: How to Avoid Filing for Bankruptcy During COVID-19 CONTENT: The Downsides to Going Bankrupt\n-------------------------------\nDue to the toll it takes on finances, credit and potentially your assets, bankruptcy should be considered only as a last resort. Having a bankruptcy on your credit report will make it much harder to borrow money in the future and could compromise your future goals, such as buying a house or starting a business.\nThere are two common types of bankruptcies available for consumers to file: Chapter 7 and Chapter 13. Both can help to relieve your debt and prevent things like foreclosure, utility shut-offs and wage garnishment. They do, however, address your debt in different ways, and have their own requirements and consequences. Here's what you should know. END