If you are considering bankruptcy we suggest that you first consult with a bankruptcy attorney in your state to determine whether you qualify and discuss the pros and cons of this option. Only a licensed attorney may provide guidance as to whether bankruptcy is a suitable option for you.
In our opinion, bankruptcy is an extreme option, which has serious long-term effects on your credit and can often have negative results in many aspects of your everyday life. Bankruptcy is considered only as a last-resort option for just a few of the following reasons:
- Filing for bankruptcy will require you to appear in Federal Court at least once and in most cases, even more.
- Bankruptcy paperwork requires that you reveal all of your debts as well as all of your assets.
- For up to ten years, credit bureaus are entitled to keep your bankruptcy filing on your credit report.
- A bankruptcy filing is also a matter of “public record” for anyone that wants to know about it.