The bankruptcy laws changed recently, and it is now harder than ever to “wipe the slate clean”. If you have bankruptcy questions it’s best to consult Richard and Newton Bankruptcy specialists to discuss your scenario, but this should be done as a final resort after all of the bankruptcy alternatives have been considered.
The final option for many borrowers who find themselves unable to repay accumulated obligations, bankruptcy protection will eliminate debts (school loans, taxes, and others remain unaffected), but the negative repercussions can linger for years. Depending upon the state, bankruptcy can initially hurt those who file, although it’s a chance for your credit score to go up and gives one a clean slate.
For those suffering the most dire circumstances, bankruptcy can be a necessary safeguard, and, if all hope seems lost, it may be best to talk with a bankruptcy attorney about your situation. Even within bankruptcy, there are different programs – Chapters 7 and Chapter 13 of personal bankruptcy have their own advantages and drawbacks. Neither one, though, should ever be considered if another alternative seems possible. Come see the attorney’s Law Office of MayerNewton