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FAQs (Frequently Asked Questions)

Q: I constantly fight with my wife about bills. If I file for bankruptcy, won't it cause more family troubles and even lead to divorce?

A: The opposite it usually true.  Filing bankruptcy is not the problem. The problem is not being able to pay your bills and not being able to provide for your family. This is what causes the stress and anxiety to build and build. 

All good, honest, hard-working people feel a strong need to pay their bills, and not being able to do so causes them to feel tremendous stress.  Unless you do something to relieve this stress, it can quickly build to the breaking point...divorce.

Bankruptcy is designed to get you out from under the burden of debt, to protect your property, to lower your stress level and to let you, once again, sleep at night.  If your experience is like that of other couples, you will find that filing bankruptcy (and lowering the stress level) can be a crucial first step in bringing the love and caring, not to mention hope, back into your relationship.

Q: I heard from a co-worker that his friend filed bankruptcy. Will everyone know I filed bankruptcy?

A: Unless you're famous, chances are very good that the only people who will know about a filing are your creditors and the people you tell.  While it's true that your bankruptcy is a matter of public record, the number of filings is so massive, that unless someone is specifically trying to track down information on you, there is almost no likelihood that anyone will even know you filed.

However, you have to make sure you don't slip and tell someone.  Telling someone that you filed bankruptcy is just good gossip.  Just like telling someone that you heard so-and-so is getting a divorce or has cancer.  So, if you don't want everyone you know to know you filed bankruptcy, you need to keep the information to yourself. 

As for newspapers, my experience is that most papers don't include information about who filed bankruptcy, and even if they did, think about it...who would be interested enough to read that stuff?

Q: The debt settlement advertisement said bankruptcy will ruin my credit. Will filing bankruptcy hurt my credit for 10 years?

A: You are getting 2 completely different concepts confused with each other. You are getting the fact that bankruptcy is on your credit report for up to 10 years mixed up with the effect that report will have on your credit.  Just because something is reported on your credit report does NOT necessarily mean it will have a negative effect on your credit standing.

First, let's get one thing out in the open.  By the time you need to make an appointment to see a bankruptcy attorney, your credit is already messed up or maxed out, or both, or at least strongly headed in that direction.  Think about it.  If your credit is already messed up or maxed out, you, more than likely, have no credit for bankruptcy to hurt.

Furthermore, in my experience if you have not re-established good credit in 2 to 4 years after you file bankruptcy, it most likely has nothing to do with the fact that you filed bankruptcy.  And it certainly has absolutely nothing to do with the fact that your credit history still shows an old bankruptcy filing.

More FAQs coming very soon!