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Thinking About Filing for Bankruptcy? Part 1

The decision to file bankruptcy can be very difficult. As Florida bankruptcy attorneys are aware, many people today are facing the loss of their jobs and homes and are saddled with insurmountable debt. These difficult times may prompt some to consider filing for bankruptcy. Chapter 7 bankruptcy can provide you with a fresh financial start. However, filing for bankruptcy is a serious decision, and you should make sure you understand all of your options. Here are some tips and considerations for those contemplating bankruptcy.

First, the most helpful thing you can do when contemplating bankruptcy is to make a list of all of your creditors and all of your debts. This will provide you with a clear picture of your financial situation, allowing you to make an intelligent decision about whether filing for bankruptcy would be best the option for you. Be sure to include every creditor. If you do decide to file for bankruptcy, each creditor will need notice.

Second, schedule a consultation with a bankruptcy attorney. This consultation will provide you with general information about what filing for bankruptcy entails. You can learn more about the process, as well as the cost and consequences of filing for bankruptcy. It is important that you gather information and advice before you make your decision.

Also, be aware that a bankruptcy will remain on your credit report for up to ten years. There is no way for you to remove this from your report, no matter what credit repair businesses may tell you. However, many people find that, two or three years after filing, their credit scores are better than they were before they filed for bankruptcy. Allowing time to pass and working on rebuilding your credit will repair your credit score.

In our next blog post, we will discuss other tips, including how to choose an attorney and curb your spending habits.

Source: Chicago Sun-Times "Tips for considering bankruptcy" 9/27/10

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