Filing for bankruptcy is absolutely not the end of the world. Financial upset does not mean you are a bad person or an outlaw. In most cases, bankruptcy is the beginning of a better life for you and your family. Seeing bankruptcy as an opportunity instead of a last resort is the first step to regaining your financial security.
The leading causes of consumer bankruptcy are: medical issues; unemployment; death of spouse or partner; and divorce.
If you find yourself in a tough financial position and can’t see a way out, meet with an experienced bankruptcy attorney to find out what options are available to you.
Be wary of debt consolidation companies. They can take huge amounts of your hard earned money and your debt may not be eliminated.
There is life after bankruptcy!
Filing for bankruptcy has a bad reputation due to the fact that it damages your credit and involves discharging debts that will likely never be repaid. While it is true that a bankruptcy filing is not good for your credit score and will appear as a public record for 10 years after filing, most consumers who file for bankruptcy have already had their credit damaged by a series of late payments.
Fixing your financial problems now will enable you to re-build your credit rating sooner.
Note – It is unlikely that your friends, relatives, employer(s) or co-workers will even find out that you have filed for bankruptcy unless you tell them. The only people who are required to be notified are: creditors and co-debtors. Although bankruptcy cases are publicly available on the Federal Court system’s Pacer website, people don’t generally look up cases on this system like they do on the State system, Courtview.
Further note: If you are serving in the military, you are required to disclose a bankruptcy filing to your supervisors. Also, filing for bankruptcy has the potential to affect your security clearance under certain circumstances