Encountering financial difficulties can be a challenging experience for anyone to go through, but it can be an unavoidable aspect of life. Luckily, individuals that have found themselves facing this type of situation may be able to use bankruptcy protection to escape from this trap. However, making the decision to pursue this type of filing can be difficult for individuals that are giving credit to some fairly commonly held bankruptcy belies.

If you have a lot of past due bills, charged off accounts and other negative accounts on your credit report that are causing your credit score to maintain a low average, then this can affect your life in many ways. Not only can creditors be relentless when it comes to harassing you over past-due bills, but you will also find it nearly impossible to be approved for a car loan, a home loan and new lines of credit.