George Kamel Gives 5 Powerful Reasons To Avoid Bankruptcy at All Costs

Core Insights - The article discusses the implications of personal bankruptcy, highlighting a nearly 12% year-over-year increase in bankruptcy filings in the U.S. as of June 30, 2025, and presents reasons to avoid bankruptcy as a financial solution [2]. Financial Implications - Bankruptcy filings become public records, which can negatively impact job and housing opportunities, particularly in financial sectors [3]. - The costs associated with filing for bankruptcy can be significant, with initial fees ranging from $313 to $338, and potential attorney fees around $4,000, in addition to credit counseling costs of $10 to $50 per course [5]. - Bankruptcy severely damages credit scores, remaining on credit reports for seven to ten years, which can hinder loan qualifications, increase insurance rates, and complicate job or apartment searches [6][7]. Homeownership Challenges - Bankruptcy can make it more difficult to achieve homeownership, as lenders may be less willing to work with individuals who have a bankruptcy on their credit report [8].