Bankruptcy. For those in it, or in the brink of being in it, it’s the longest ten-letter word in the history of ten-letter words. More importantly, it’s a financial albatross that follows you for years. The number one benefactor in a bankruptcy is the Attorney you’ll have to pay. The initial weight of bankruptcy is one that can shake you to your core. But, it’s the aftershocks of the bankruptcy that can be soul-sucking.
Repercussions of Filing Bankruptcy
If you go the route of a Chapter 7 bankruptcy, one that offers you a clean slate, so to speak, the effects of this action will follow you around for at least ten years. Chapter 13 bankruptcy, a partial liquidation with a payment plan determined by the court, also stays on your record, affecting your ability to get new credit, some jobs, and even qualify for home or apartment rentals that will follow you around for seven long years. It doesn’t end there either. One of the most common check box type of questions on credit, employment and licensing applications asks if you’ve EVER filed bankruptcy. You don’t want to lie about that by checking no because it is also a matter of public record. The whole world can view you’re filing. Ouch!
It never really goes away and the repercussions may sting. That doesn’t even consider the impact it has on your own feelings of self-worth and self-sustainability. Those will take deep hits as well.
There is Another Option
For many people considering bankruptcy, debt relief is a far more palatable option. It lacks the far-reaching and long-term effects that bankruptcy brings into your future.
Debt Relief is a Favorable Alternative to Bankruptcy
Debt settlement is an option in which you stop paying your credit card debts completely and allow the debt settlement agency to negotiate with your creditors on your behalf to reduce the balance of your debt. In the majority of cases, you will be able to settle eligible debt for a fraction of what you owe the creditors.
Contact our company today to learn more about this option and how it can put bankruptcy out of your mind altogether.