Bankruptcy is, undoubtedly, a legitimate and viable means of resolving your financial problems, particularly if you are in a position where, even with changes to your expenditure, you will still be unable, in the foreseeable future, to repay debts owed.
However, as with anything, there are bankruptcy consequences that should be considered and discussed at length with your attorney before you make the final decision to file for chapter 7.
The first of these bankruptcy consequences is simply that this will absolutely tarnish your credit record. Of course, if you are in dire financial straits then there is a good chance that this is of little concern to you in relative terms. But it is worth taking note of the fact that bankruptcy stays on your record for ten years. As a result of this, another of the bankruptcy consequences is that you will be in a position where you will struggle to obtain credit. And even in cases where you are able to obtain credit, you will undoubtedly and invariably be subjected to a higher interest rate because you are now going to be seen by credit companies as a high risk borrower. Though, a positive point is that if you do take out credit and make regular repayments on time over an extended period, you can repair your credit rating.
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Another, often lesser considered consequence, is the fact that creditors are hurt in the process. While you probably have little sympathy (like most of us) for the big, faceless corporations whose collectors have been calling you persistently demanding money you simply do not have for months and months, what about the smaller companies? What is your creditor is a small business, struggling in the recession like many individuals are? There is an associated moral question there as well.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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