The answer is “it depends”. Bankruptcy is commonly thought of as a bad thing. It carries with it a negative connotation and seems to be a very thought for most individuals and businesses. The reality, however, is that bankruptcy was designed to help people with insurmountable debt.
If you’re not sure whether or not you are at the point where you qualify for bankruptcy you should consult an Arizona bankruptcy attorney. With the help of an experienced attorney you can discuss your future financial difficulties and make an educated decision as to what the best step would be.
Do I Qualify for Bankruptcy?
There are several factors that need to be taken into consideration when determining if you qualify for bankruptcy. Before you can file for any type of bankruptcy you will have to complete a government required credit counseling course. This course will play a major role in whether or not you qualify for bankruptcy. Due to the fact that some people have tried to take advantage of bankruptcy, the bankruptcy laws have been tightened up to make it tougher to qualify.
Life After Bankruptcy:
After bankruptcy you’d be surprised at how easy it is to start building credit. Most people are under the assumption that it takes 7-10 years to earn credit after bankruptcy which is not true. Some of the best things you can do for your credit after filing are:
- Get a low interest rate card
- Secured credit line
- Store cards
Remember to be positive and keep working hard. You won’t rebuild your credit in a day but it will be worth the effort.
If you are struggling financially and wondering if bankruptcy is right for you, contact Benjamin Skinner, experienced Arizona bankruptcy attorney. (480) 648-8975