How will bankruptcy affect my future?

There are many misconceptions regarding bankruptcy and how it affects your future.  The stigma that bankruptcy once carried has all but diminished due to the number of filings climbing to a million plus each year in the United States. 

Many responsible individuals in recent years have had to file because they have fallen on hard times due to the current economic situation.   If you have already fallen way behind on payments, bankruptcy won’t necessarily make your credit score any worse than it already is.  If anything, it will give you a springboard to rebuilding your credit by eliminating your debts, improving your debt-to-income ratio, and eventually raising your credit score so that you may purchase a house or car in the near future at a good interest rate.  Federal law protects you so that you cannot lose your job by filing bankruptcy or be discriminated against when applying for future work positions.

Clients often tell us that once their debt burden was lifted it was easier to succeed in their personal and professional lives without the added pressure of attempting to climb out of debt. The stress of overwhelming debt can harm marriages and other relationships and affect family stability. It can also affect your job performance, deplete your remaining, hard-earned assets, and destroy your health. The fresh start that bankruptcy provides in many cases isn’t just financial. It often also restores your overall well-being and helps you save what is dear to you.