Considering Bankruptcy

What everyone should know when considering bankruptcy options

The benefits of filing are undeniable, yet anyone considering bankruptcy should be acutely aware of the long term impact. The ripple effect of discharge will affect credit ratings adversely, which in turn, limits job prospects, credit availability, insurance premiums and available coverage, and creates a permanent public record. All of these effects may last up to ten years from the date of final discharge.

Is filing the right choice?

Each person is different as are their assets, liabilities and future earning potential. In addition, Chapter 7 & 13 each may be the best choice, for some people, yet are not always the best choices for all people. For example, it would make little sense for a person with high earning capacity and plentiful employment opportunities to struggle for 5 years in near poverty existence to merely reduce catastrophic hospital expenses by 10 percent. Similarly, each person has the potential to substantially impact the both chapter and qualification so that a full discharge in as little as 4 months may be available, and other legal options that may avoid filing altogether.