Should I be considering bankruptcy?

UPDATED: Jun 18, 2009

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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


N. K., Member, Iowa and Illinois Bar / FreeAdvice Contributing Attorney

Answered 13 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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