Is filing for bankruptcy bad?

chapter 7 bankruptcy

Sep,30,2019

By:Michael A. Cibik

Bankruptcy sounds like a bad word, but it can be the best thing for you if you can’t pay your bills. Many people wrongly believe that bankruptcy means you lose everything. In fact, bankruptcy usually helps you keep your property and gives you an opportunity to start over.

 

Many people wonder whether bankruptcy will hurt their credit score. In many cases, bankruptcy actually helps increase a credit score. If you file for bankruptcy, creditors will see that you are trying to remedy your problems rather than racking up late payments, lawsuits, and other negative marks. With bankruptcy, you can start building your credit again.

 

Because bankruptcy can wipe out credit card debt, personal loans, medical bills, past due rent, and past due utility bills, you can keep from dipping into important savings like retirement. With bankruptcy, you can start building your savings again. Bankruptcy is a word that sounds scary, but what bankruptcy can actually do for you is anything but.

Michael A. Cibik, Esquire

Michael A. Cibik is a partner at the Philadelphia law firm of Cibik & Cataldo, P.C. He is one of the few bankruptcy attorneys in the Philadelphia area certified by the American Bankruptcy Board.

If you or someone you know is having financial problems, stop worrying and call Michael at (215) 735-1060 for a free consultation.

 

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