Is your debt out of control? Are you getting hassled by creditors everyday? Bankruptcy may seem like a viable option for you, but there are many factors you need to consider before you think about filing. In the past, it was easy to file bankruptcy and get yourself a fresh start. You'd have bankruptcy on your record but you'd be able to start your life over. In recent years, it's harder for people to qualify for bankruptcy. You have to meet a certain criteria such as income levels, what type of creditors you are late on, etc.
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There are two basic bankruptcies that you can file as a consumer, Chapter 7 and Chapter 13. If you choose to file and qualify for chapter 7, there is a stigmata with this bankruptcy because it shows that you are highly irresponsible. You accrued all this debt and now you want to file bankruptcy to clean your slate. With a chapter 13, you have a repayment plan to pay back what you owe. It's still a bankruptcy and looks bad on your record, but at least with this option it shows that you are willing to make payments on the bills that you ran up.
Whenever you apply for any applications, job employment, and etc., they always ask you whether or not you have ever filed bankruptcy and what chapter you have filed. Chapter 7 stays on your record for 10 years as chapter 13 stays on your record for 7 years, however you must always answer YES to the question if you have ever filed for bankruptcy. It follows you till the bitter end. If that's something that you cannot live with don't consider doing it.
There was a time in my life that I considered filing bankruptcy chapter 7 myself but I looked at all my debts and finances and found a way to attack the debt fast. I made the decision that I was going to pay back my debt because I couldn't handle having anything associated to "bankruptcy" on my record.
If you don't have to file bankruptcy, I strongly urge you not to do it. Figure out what needs to be done and how much longer it will take to pay off what you owe. You can always negotiate with your creditors to reduce your interest rates so you can apply more towards principal to get things going faster.
If you searched high and low and know that bankruptcy is the best viable option for you then what you need to do is call a local bankruptcy attorney to set up a free initial consultation. They will ask you a few questions to prequalify if you quality to file bankruptcy. I would contact 3-4 different attorneys to speak with them, and choose the one that is more knowledgeable and helpful in helping you get this done. Once again I strongly urge you not to, but everyone's situation is a bit different. Whatever you choose to do, remember that there is a silver lining to every dark cloud.
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