Today with more and more people suffering lay-offs at work and the general state of the economy down sliding, people are considering bankruptcy. Often it is the first thing many people think of but it really should be thought of as your last possible option.
There are several "cons" of filing bankruptcy that people do not consider and that a good lawyer can help you to understand. The worst is the impact it has on our credit report. You can only file for bankruptcy every seven years, but the mark against your credit will stay on your report for ten years. Filing also makes it more difficult to get credit in that time. It is not impossible but it's much harder and the interest rates you are going to be paying on that loan are going to be substantially higher than a person who never had a bankruptcy claim.
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If you file bankruptcy, you are going to lose all your credit cards (unless they are paid off before you file). Not only does it stay on your record for ten years, making it hard to get credit, it acts against you in all areas of life, sometimes even getting a job.
Not all loans are "excused" when filing bankruptcy. Student loans and back taxes are not included when filing for bankruptcy. It is also an admission of defeat, embarrassing and your name may show up in the newspaper saying you filed. You will also have to explain to a judge how you got in the position of having to file in the first place. In addition, it may not be ten years before you get credit but it is going to be quite awhile before you will be able to get even a credit card.
When you file bankruptcy, you will be discharged from your debts but you will not be able to obtain a discharge for up to six years after filing. Any new debts you acquire after filing bankruptcy are not included in this discharge. If you had a co-signer when you took out a loan before you file the co-signer will still be liable for the entire debt. You are going to have to do some explaining to this person as well as the judge as mentioned before.
You should really look at all your options before agreeing to file a bankruptcy claim. The first thing you should do when even considering it is get a free bankruptcy evaluation from a qualified bankruptcy lawyer in your state who understand your state's bankruptcy laws as well as the federal laws. They will help you to understand where you really stand financially. They will also be able to help you find out more information about other options that might be better for you.
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