Facing an overwhelming pile of debt can be stressful, but so can the results of declaring personal bankruptcy. While there are advantages to having your debt wiped out so you can have a fresh start, it's important to consider all of the options and consequences carefully. Your family will be affected by your choices for the next few years.
Obviously, your credit score rating will suffer as soon as you file Chapter 7. It's true that you may not care about this at the moment because you are simply trying to get out of your financial problems, but this may be more important than you think down the line.
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At some point, you'll probably want a loan for a car, credit to purchase a washing machine, or even a mortgage. All these things will be more difficult with poor credit, and this is something you want to keep in mind.
At the same time, having your credit restricted may be a blessing in disguise. How? Simply put, it will force you to rely less on credit and learn to handle your financial affairs more responsibly. Even if your bankruptcy was the result of a medical crisis or something similar and not the result of simply overspending, this period may give you some time to rebuild.
One thing you're probably not thinking about it is that your creditors can be hurt by your filing. This may not bring you to tears when considering a large credit card company, but it is more sobering if you owe money to a smaller business. The owner of a small business may be in a tough situation just like you, and having your debt discharged in Chapter 7 can be painful for these creditors.
Your reputation is another factor to consider, but you shouldn't make your decision regarding bankruptcy simply based on what others will say about you. Even so, your friends and family may be disappointed, and small-town communities can be especially nosy.
Your filing will, of course, be a matter of public record for anyone who wants to go through the trouble of digging through your personal records.
The bottom line is that you have to weigh the pros and cons and make the best decision possible for you and your family. If you and your attorney determined that this is the best course of action for you, don't worry about less important factors.
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