There are many fears shared by consumers and businesses that consider bankruptcy as an option for eliminating debt.  It is no surprise that one of the biggest fears is that a debtor’s credit will be destroyed indefinitely.  While it is true that one’s credit score may take a hit, it is also true that bankruptcy can ultimately help a person or business eliminate debt, and therefore improve their credit score later on.  There is an additional fear that consumers have when considering debt, such as how the bankruptcy process will affect one’s family members.  This particular fear is one that should not be used as a reason to avoid bankruptcy if bankruptcy is the best option for you to eliminate your debt.

A Myth You Should Not Fear – Your Family’s Credit Will Not Be Harmed

A reason why many people believe filing for bankruptcy will financially harm their family is because many married couples share finances.  However, simply because a married couple shares finances does not mean that one spouse will be harmed because the other spouse has filed for bankruptcy.  It is important to keep in mind that a spouse’s financial situation may be affected by the bankruptcy process in situations where spouses have jointly filed for bankruptcy.  If only one spouse files for bankruptcy, the bankruptcy will only show up on this spouse’s credit report – not on the other spouse’s report.

Additionally, many people believe their children may be financially scarred for years to come if they file for bankruptcy.  This could not be further from the truth, as the bankruptcy courts will not hold your children responsible in any way for the debt you have accumulated and paid off through bankruptcy.  Depending on the age of your children, they may have nothing listed on their credit report, demonstrating that they have a clean slate financially.  Given that bankruptcy only affects individuals who are actually listed on a bankruptcy petition, it is unfortunate that many people fear the process simply because they believe they will harm their family by filing for bankruptcy.

How a Bankruptcy Attorney Can Eliminate Some of Your Fears          

When it comes to bankruptcy, there are always exceptions to rules, and unique situations that may make the bankruptcy process different for everyone.  While simply filing for bankruptcy will not be reported on your children’s or spouse’s credit report (unless spouses file for bankruptcy jointly), there may be an indirect effect that bankruptcy has on your family. 

For example, the bankruptcy process may mean that you have to cut back on paying for non-essential items, which could mean that your spouse and children may not be able to get items they may be used to getting, such as the birthday gift of their choice.  Such an indirect effect may be difficult for your family to deal with, but the bottom line is that nobody other than the person who filed for bankruptcy will have the proceeding documented on their credit report.  In order to have a better understanding of how a bankruptcy proceeding will impact your family, either directly or indirectly, you should consider working alongside a highly skilled bankruptcy attorney.

Contact Kansas City Bankruptcy Attorney Douglas Breyfogle Today to Schedule a Free Consultation

Anyone who considers bankruptcy typically has an array of questions that may go unanswered without the guidance of a skilled legal professional.  Some questions may seem obvious, but information you find online isn’t always reliable, and legal questions should be answered by a licensed and qualified Bankruptcy Attorney.  If you are considering bankruptcy as a means to eliminate your debt, it is crucial that you consider how a Kansas City Bankruptcy Attorney can help you.  With more than twenty years of professional experience, Kansas City Bankruptcy Attorney Douglas Breyfogle devotes his career to helping consumers just like you eliminate debt once and for all.  Bankruptcy should not be a scary process, and it certainly does not have to be, especially when you have a true advocate standing by your side to represent your rights and interests.  By speaking with Mr. Breyfogle, you will have a better understanding of whether or not bankruptcy is right for you, and what additional options you have for eliminating your debt if bankruptcy is not the right choice.  To schedule your free consultation to discuss your financial situation with Douglas Breyfogle, contact our office today by calling (913) 742-8700.