Bankruptcy & Debt

Bankruptcy is a process put into place by the federal government to assist debtors by removing or reducing their debts so that they become manageable. Largely regarded as a last resort, bankruptcy may be an appropriate remedy for your financial situation if you have exhausted all other options. If your business or family has found itself unable to pay off mounting debts, you should contact a bankruptcy attorney.

If you are considering filing for bankruptcy, you should be aware of the likely consequences. Loans can be much more difficult to obtain than before you filed and interest rates will generally be higher. Also, there is a two-year waiting period before you are eligible for a mortgage. Bankruptcy tries to wipe out all credit history, other than the bankruptcy itself (which remains on your credit report for seven to ten years), and the time it takes to rebuild a good credit rating can be extensive.

Another option for someone struggling with great debt, but not yet in need of filing for bankruptcy, is debt consolidation or debt management services. If you are a few thousand dollars in debt and having a hard time keeping up with monthly payments, contact one of the attorneys below to discover which option is right for you.