There are many widespread misconceptions that filing for bankruptcy is one of the worst decisions an individual can make regarding their financial situation.  This, in large part, is due to places like the credit card industry and payday loan companies attempting to distract people from the truth about bankruptcy. Many places such as these have very aggressive collections efforts, and not only scare, but put down many of the clients that have debts with them.  They will say just about anything to scare people out of filing for bankruptcy, including telling people that filing for bankruptcy will hurt them more than it will help them.

If you are considering filing for bankruptcy, you need to make sure that you are receiving accurate information about what your options are and what the process entails.  As stated before, much of the information on the internet or in the media is sponsored by credit card companies or predatory debt consolidation companies that are attempting to sway your opinion.  If you would like to receive the most accurate information about if bankruptcy is an option for you, it would be very wise to meet with a bankruptcy attorney. Many attorneys offer free consultations, and would be able to take a look at your situation to let you know what your options are and to explain the process.  An attorney will have no interest in filing a bankruptcy for you that is not in your best interest, so it is a good place to get the most accurate information.

While there are some negative effects that come from filing for bankruptcy, most of the time, the positive effects outweigh the negative.  For example, some negative effects include a one-time hit to your credit score, and the potential for some lenders to deny you loans that you are interested in.  It is important to keep in mind, though, that are several companies and organizations that exist solely to assist people with rebuilding their credit; many of them do this through providing loans to assist people with financing cars and/or homes.  With all of this being said, bankruptcy can help people by reducing or even eliminating debts, stopping foreclosures, repossessions, and garnishments, and by putting a stop to constant creditor harassment.

Countless people have been able to eliminate their unsecured debts through a chapter 7 bankruptcy and many others have been able to save their homes through a chapter 13 bankruptcy. If you would like to speak to an attorney to find out the most accurate information about it filing a bankruptcy is the most helpful option for you, contact a St. Louis Bankruptcy attorney today!