Should I be considering bankruptcy?
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Should I be considering bankruptcy?
I have been waiting on a Social Security appeal for almost two years. In that time our credit cards have fallen behind. We are current on our mortgage payments but are having trouble managing other bills as a result. I was wondering if bankruptcy would be the right option.
Asked on June 18, 2009 under Bankruptcy Law, Massachusetts
Answers:
N. K., Member, Iowa and Illinois Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
No one knows whether bankruptcy is good for you except yourself since you know your financial situation.
Some of the pros for bankruptcy include the fact that when you file for bankruptcy, it stops all collection actions by creditors. Also, most states allow you to exempt your home, car, and other essentials. More importantly, it allows you to rebuild your credit and life.
The big negative about bankruptcy is that it stays on your credit report for 10 years, making it difficult for you in the future to acquire credit, buy a car, get a job, etc.
Consult a bankruptcy attorney to see if, given your situation, bankruptcy is the best option for you.
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