Should I File Bankruptcy?

Bankruptcy can be caused by a variety of life circumstances from job loss, divorce, death in the family to the loss of a business or spiraling medical costs. Although filing for bankruptcy may feel overwhelming, in many cases it is the best option for individuals struggling with mounting debt. Bankruptcy offers those in debt the opportunity to obtain a fresh financial start.

At the conclusion of your bankruptcy you will obtain a discharge of debts. Aside from several specific exceptions this discharge means unpaid debts are set aside. This discharge of debt affords you the opportunity to get your finances in order and prepare for a better, more stable financial future.

Regardless of the reasons for filing bankruptcy, most people wait too long to consider bankruptcy as an option. However, considering bankruptcy sooner rather than later allows time for superior planning which will reap benefits in the long run. Even if you don’t believe you are ready to file yet, consulting with a trusted attorney is recommended because this opportunity forces you to take an honest look at your finances and provides you the opportunity to better plan whether bankruptcy is right for your situation.

Early planning can assist you in determining which exceptions you can claim, whether filing now or at a future date is optimal, and understanding which chapter provides you the most financial stability. If you’re facing mounting debt and are not sure where to turn for help, contact us today to see whether bankruptcy is best for you!


Typically, credit scores are already low prior to filing bankruptcy. Although filing bankruptcy will affect your credit score this does not prevent your score from rising. It is possible to drastically raise credit score 6-8 months after filing.

The length of time that bankruptcy filing reflects on a credit report is dependent on which chapter is filed. If a chapter 7 is filed, the bankruptcy filing will be removed after a 10-year period has elapsed. For a chapter 13 the bankruptcy filing will be removed from a credit report after 7 years.

It is generally possible to purchase a car within 6 months of filing bankruptcy and a home within 1-2 years of filing.

After filing bankruptcy there will be a hearing roughly 30 days after filing. This hearing is the 341 Meeting of Creditors and is conducted by the trustee in your case, not a judge. The purpose of this hearing is to ensure the accuracy of the documents filed in the bankruptcy proceedings. 

341 Meeting of Creditors hearings are not an avenue through which creditors can embarrass individuals or pressure them into making payments on debts. Due to 

COVID-19 all hearings are currently held telephonically and are conducted at the office of Corbly & Moss PLLC.