Few things are more difficult than deciding to file for bankruptcy. And you are right to give it a lot of thought. Even though it can give you that valuable and much vaunted fresh start, it comes with strings attached. A bankruptcy will generally stay on your credit report for ten years. It may be difficult to rebuild your credit. And it will not get rid of every form of debt, such as student loans or past-due child support.

However, even in the earliest days of our nation, the need for relief from crushing debt was recognized. While the law has changed dramatically from the original 1800 act (repealed in 1803), Article 1, Section 8 of the U.S. Constitution authorized Congress to enact “Uniform Laws on the subject of Bankruptcies.”

The decision to opt for bankruptcy is as much a personal decision as it is a legal matter. If you have:

  • Made an honest effort to negotiate a solution with your creditors
  • Cut your expenses to save money
  • Created a realistic budget and stuck to it
  • Sold assets
  • Gotten help from a credit counseling agency
  • … and if you still owe far more than you can repay, bankruptcy may be an option for you

Bankruptcy is not a four-letter word and, given these tough economic times, it is a powerful tool in helping families move forward.  An experienced debt relief attorney can help you explore the options that are available and make the decision that is right for you.