What Advice To Take About Filing Bankruptcy


The amount of misinformation about bankruptcy is truly astounding. We know that people who are experiencing extreme debt problems spend most of their time seeking information about how to get out of debt as quickly as possible, without doing damage to their credit, and most of all, without the need to file bankruptcy. There are no easy answers to complex problems. Seeking advice from others is a wise thing to do, but be careful of the motives of those persons giving that advice.

Certain things need to be made clear to those of us who may be struggling with debt and constantly concerned about our credit scores. Credit and credit scores are always changing, that we may have had good credit a year ago, surely doesn't mean that it is still good today. In addition, struggling with debt, in and of itself, is typically an indication that our credit score is most likely damaged already.

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When we are facing overwhelming debt one myth that we are told countless times is, "that the only thing worse than being in debt as we currently may be, filing bankruptcy is far worse." The question that arises is simply, from what scenario would we hear this type of advice? The answer is almost always the collection agent attempting to collect the past due debt.

Why would we listen to, or act upon, the advice of a collection agent?

It's easy to understand that we are under pressure, it's difficult to make proper decisions. The ability to function skillfully under pressure is highly prized by employers, the military, even in our politicians. How often do candidates for high office try to get our vote by telling us about their ability to function under pressure?

Clearly, being in debt and unable to make ends meet, is stressful. We don't stop to ask ourselves the questions we should in order to make good choices under conditions such as these. Making decisions under pressure can often lead to less than favorable results.

A good collection agent is a talented actor. He or she understands the laws governing their profession, and rather than break those laws, they take advantage of them by becoming our "friend" and attempting to "work with us" to resolve our debt. When the collection agent tells us that filing bankruptcy is a bad choice, we don't think to question what his motive may be, after all, he is our friend. We accept his advice as fact because he's done a good job of gaining our trust.

The collection agent knows we are under stress. He knows we aren't thinking clearly and he uses this information to his advantage.

Why is it advantageous to the collection agent to prevent us from filing bankruptcy?

Do you really think he cares about our wellbeing or that of our wife and children? Do you believe that his motivation is such that he wants to be sure that our future credit worthiness will be ensured?

Is it more likely he wants to collect his commission?

So why would he try to keep us from filing bankruptcy? What does he know that we may not?

What he knows, and what those of us struggling with debt need to know, is that filing for bankruptcy will eliminate our debt, ad therefore, the collection agent's commission.

In a chapter 7 bankruptcy it will eliminate the debt entirely. In a chapter 13 bankruptcy, it may eliminate any or all of the debt as well. Only an experienced bankruptcy attorney can help you determine which chapter of bankruptcy will be appropriate for your circumstance.

What about our credit? What will bankruptcy do to our credit score and is there life after bankruptcy?

As stated previously, our credit score is most likely not where we would like it to be if we have reached this point. However,once we've filed bankruptcy, it remains on your credit history for the next 10 years. But it does not mean that we will never again be able to get credit again.

Bankruptcy wipes our slate clean, in a manner of speaking. It gives us the opportunity to start over and rebuild our credit history. Our credit history will show that we've had some financial challenges and we've given ourselves the opportunity to get that fresh start the laws were designed to provide.

If your debt is such that it's difficult to make ends meet, and collection letters and phone calls are coming in, it's time to consider a real solution to your debt. You need to get the facts about bankruptcy and those facts will only come from a qualified bankruptcy lawyer.


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