Traditionally, filing bankruptcy was viewed as an option reserved only for those in the direst financial straits. There was a stigma attached to the option similar to the stigma associated with divorce.
Recent economic challenges facing the country have eroded much of the social stigma associated with bankruptcy. Now, bankruptcy is utilized by many as a strategic financial planning tool. Bankruptcy is a practical and accessible solution giving honest debtors relief and a second chance at financial autonomy.
When considering the bankruptcy option, many worry that filing bankruptcy will prevent them from obtaining credit for years to come. Many sources warn those contemplating bankruptcy that creditors avoid lending to “deadbeats” that had their debts discharged in bankruptcy.
In fact, empirical evidence shows secured and unsecured credit is widely available to debtors that were recently discharged in bankruptcy. According to one study, the average debtor reports ten solicitations per month for credit in the first year following bankruptcy. Most discharged debtors that receive offers for credit cards, sometimes secured with a cash deposit, car loans and home equity loans. Potential lenders commonly remind debtors that new credit helps rebuild creditworthiness.
At Hymson Goldstein & Pantiliat, PLLC, we provide our clients with individually tailored advice they need to make strategic decisions for debt relief. We pride ourselves in giving our clients and their families the peace of mind that comes with a fresh start. If you or someone you know is thinking about filing for bankruptcy protection speak with one of our bankruptcy attorneys today to learn how we can help you, your family members and/or friends get back on the path to financial success. In offering this advice, we can serve as your debt relief agency.
Written by Attorney David B. Goldstein, email@example.com
 Katherine M. Porter, Life after Debt: Understanding the Credit Restraint of Bankruptcy Debtors, 18 Am.Bankr.L.J. 1-42 (Spring 2010)