Client: I was doing very well a few years back, but I've been badly affected by the current market. Now I have credit card bills that I can't pay, bill collectors calling me and they're threatening to take me to court!

Attorney: A bankruptcy filing will stop all collection activities against you, including lawsuits, collection letters and phone calls. Upon getting your bankruptcy discharge, you will be released from all your dischargeable debts.

Client: But I'm afraid of losing the things I own if I file a bankruptcy.

Attorney: The vast majority of my clients lose nothing after filing a bankruptcy due to the fact the law allows people to keep certain assets. However, if it appears later on that you may lose some of your assets by filing a Chapter 7 Bankruptcy, we can discuss your options under a Chapter 13 Debt Consolidation proceeding.

Client: That sounds good, but I'm worried about my credit score. You know, I would still like to get credit cards after my bankruptcy.

Attorney: Generally, my clients have no trouble getting credit cards or car loans after filing bankruptcy. You can immediately begin re-establishing your credit after your discharge. Due to the fact that you are wiping out your debts and financially sound again, you might look more attractive to finance companies.

Client: I'm very concerned about how it would affect my job.

Attorney: Most of the time, employers are not notified when a bankruptcy case is filed. However, it is illegal for your employer to discriminate against you because you filed a bankruptcy.

Client: My wife doesn’t like the idea of a bankruptcy. Can I just go ahead without getting her involved?

Attorney: The answer to your question depends on the debt situation that you and your spouse are in. For instance, if you and your spouse are joint debtors on a debt, and you file a bankruptcy, your spouse would still be liable. In that situation, it would make financial sense if you both file together.