Is Bankruptcy right for me?
Bankruptcy is definitely not one size fits all, and even these days some people might find themselves in circumstances in which they would be better off considering alternatives to bankruptcy in spite of their financial situation. Immigrants still awaiting naturalization are one group discussed before. Bankruptcy is not a crime, as a client has asked, but financial insolvency can be cause for a denial of citizenship rights. Another group would be those with credit in good standing but still having debts they are incapable of paying off. While a discharge would relieve them of such debts, perhaps an alternative to a bankruptcy filing such as private credit consolidation or creditor negotiations for repayment terms might allow them to continue their good credit. Also, as with immigration applications, employers might view a bankruptcy filing on a candidate’s credit history as reflective of poor character. However, more often than not employers regardless of their size or authority would prefer a bankruptcy filing, legal insolvency, to bad credit which can be considered a security risk, particularly by civil service employers. The best person to make a determination whether a bankruptcy filing is right for you using your state’s laws would be a qualified practitioner in your area.
