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Filing for bankruptcy: Some things to keep in mind

September 23, 2009

I’ve seen many, many advertisements on television and the internet lately regarding filing for bankruptcy.  Most of the ads tend to overstate or understate the difficulty and possible drawbacks regarding filing for bankruptcy.

One ad I recently saw made bankruptcy sound like a walk in the park, like someone waves a magic wand and all of your troubles are over.

Bankruptcy is certainly not an easy option. It’s not the best option for everyone. (Remember that it will stay on your credit report for up to 10 years and make getting new credit very difficult.) However, there are some people who truly don’t have a better option. And, though it’s difficult, you can rebuild your credit over time.

The bankruptcy laws now require anyone considering filing for bankruptcy to attend what is called a “pre-filing bankruptcy counseling session.” This session is actually very beneficial. A certified counselor reviews your financial situation and gives you the information you need to decide if bankruptcy is really your best option. The counselor may be able to give you other options.

The important thing is to make sure to understand all of your options and not take any decision lightly. And please be very careful when working with any kind of a debt relief company. Make sure you work with a non-profit agency that is affiliated with the National Foundation for Credit Counseling and has a good record with the Better Business Bureau.

Written by Lauralynn Schueckler · Filed Under Bankruptcy 

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