Now may be the best time for you to file for bankruptcy. But before you decide to move forward, it would be in your best interest to learn more about the pros and cons, as well as the impact it will have on your future.
You don’t want to look at bankruptcy, only thinking about the benefits it will have on your finances at the present time. Instead, you need to think about how it will affect the future.
Questions to Answer
If bankruptcy is on your mind, it is time to discuss the following questions with your attorney:
- What impact will bankruptcy have on my credit report and credit score?
- How long does it take to financially recover from a bankruptcy filing?
- Is it impossible to get credit after filing for bankruptcy?
- Is my employer able to terminate my employment due to a bankruptcy filing?
- Does filing for bankruptcy today mean that I am unable to do so again in the future?
- What impact will this have on my spouse?
As you can see, there is no shortage of questions pertaining to bankruptcy and its impact on your future.
Tip: you should never decide in favor of bankruptcy unless you are 100 percent comfortable with its affect on your current life, as well as your future. The last thing you want is to be disappointed once everything is said and done.
No question is a bad question when it comes to filing for bankruptcy. You should feel comfortable collecting as much information you need to make an informed decision.
In the end, when you understand the impact bankruptcy will have on your life, now and later, you can feel good about the decision and the direction you are moving. And there is nothing more important than that.