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When you lose your job, suffer an injury in an accident or simply find yourself with mounting bills you cannot pay, it is difficult to see the way to a brighter financial future. Fortunately, for many who deal with the smothering weight of overwhelming debt, bankruptcy is a viable alternative to suffering under the harassing calls of creditors.

Many stay away from bankruptcy because they fear it makes them look bad or that it will ruin their credit forever. Before you determine if bankruptcy is right for you, you must have the honest truth about how it will affect your future.

You will not lose everything

In most Chapter 7 bankruptcy cases, you do not have to give up any of your possessions. In Chapter 13 cases, you keep everything as the value is figured into your repayment plan. You may lose a few things, but the idea that you will be starting from scratch is false.

You will not have a stigma attached to you

There is absolutely no reason that anyone around you needs to know that you filed for bankruptcy. Unless you are part of a large corporation or a prominent person, your filing will go largely unnoticed by the public. While the information is public, it is not likely that anyone you know will come across it.

Your credit is not irreparably damaged

It is true that filing for bankruptcy can affect your credit but you can start building it back up almost immediately. It might surprise you how quickly you start to receive loan offers in the mail again. For now, stick with a secured credit card or loan and always make your payments on time. This is one of the best ways to improve your credit after bankruptcy.

You should not do it on your own

There are intricate details woven into bankruptcy laws, and the average consumer may not understand the process. If you are considering filing, speak to a qualified attorney today to help you get started.