March 10, 2006, Newsletter Issue #7: 3 Questions to Answer when Choosing a Bankruptcy Alternative

Tip of the Week

If you are thinking about filing for bankruptcy and want to know about which alternatives may be right for your scenario, here are a few tips on how to make the best decision. Have you consulted with a professional? A bankruptcy alternative rarely will come to you in a dream. There are professionals who are trained and have the experience necessary to show you a range of alternatives from which you can avoid bankruptcy. Do not file until you have spent time with these pros. They could spare you the whole experience How will it affect your long term future? When you are evaluating each bankruptcy alternative, you need to take a close look at how it will affect your future. A bankruptcy can destroy your credit report for up to 7 years. Almost every bankruptcy alternative will do some damage to your credit, but how much and for how long depends on which you choose. Have you seen it all? Many are so scared of filing for bankruptcy that they will accept the first bankruptcy alternative that comes before them. Too often this leads to erroneous decisions that have even worse effects than the filing would have.

Make sure that you have gotten a look at all of your options before you choose your bankruptcy alternative. This may involve speaking with several professional for first, second, and third opinions. I guarantee that it will take less than the 7 years that a bankruptcy will stay on your credit report. To me, this makes it worth it.

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