There are numerous individuals who are hesitant to file for bankruptcy despite having excessive credit card debt (or other forms of consumer debt). This is undoubtedly understandable, given that filing for Chapter 7 bankruptcy should be taken seriously due to its long-term negative consequences. These effects include a lower credit score and prolonged difficulty obtaining credit. In addition, your petition will become part of the public record, which is a major concern for many individuals.
Many of your family members and close acquaintances may disapprove of your bankruptcy petition because they believe you are obligated to pay your debts or because they fear the shame it may bring to the family. Nonetheless, many Americans pursue bankruptcy in order to obtain a second opportunity and rebuild their financial futures. The United States has a lengthy history of recognizing the need for debt relief in the form of bankruptcy for honest citizens.
Yes, your tax return will be a matter of public record and can be accessed by anyone who is sufficiently curious about your finances. Unless you reside in a small town where this type of information is published, it is unlikely that anyone would discover this. In addition, your employer is prohibited from discriminating against you or terminating your employment because you have filed Chapter 7 or Chapter 13 bankruptcy.
Some family members, particularly parents of an elder generation, may disapprove of your choice. Nevertheless, you must decide whether to file for bankruptcy based on what is best for you and your family. Can you envision yourself paying off all of your debts within three years while maintaining a reasonable standard of living? If the answer is yes, you may have alternatives to filing for bankruptcy.
However, if the answer to the preceding question is no, you should strongly consider filing for bankruptcy in order to eliminate your debt and start over financially. You should consult with an experienced bankruptcy attorney instead of relying solely on the advice of well-meaning family and friends.""
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