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Key Things to Know About Filing Bankruptcy

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Here at GPS Law Group, we understand that filing bankruptcy is a scary prospect for most people. When you work with our team, you can count on us to consider every option before deciding whether filing for bankruptcy is the best choice for your situation. If filing bankruptcy does turn out to be the most appropriate decision for you, we don’t want you to go into it feeling unprepared, which is why we want to go over some key things to know about the bankruptcy process.

 filing bankruptcy does turn out to be the most appropriate decision for you

  • Bankruptcy Can’t Discharge All Types of Debt- The first thing to know about filing bankruptcy is that there are certain types of debt that it can’t discharge. Some examples include back taxes, unpaid child support, and outstanding student debts. If you were looking into bankruptcy as a way to get out of those kinds of debts, don’t lose hope—our team at GPS Law Group can still help you find alternative options that will improve your financial situation.
  • Bankruptcy Will Affect Your Credit- One of the reasons that filing bankruptcy is considered a last resort is that it can wipe out any history of good credit, as well as stay on your credit report as a negative for up to ten years. It will generally decrease your credit score by a significant amount, and it can take several years to build it back up again. Our team at GPS Law Group is committed to helping you make the best decision for your financial present and future, so we will help you find alternatives if possible or prepare you for the consequences of this decision.
  • Filings are Public Record- The last thing about filing bankruptcy that we’ll go over here is that filings are a matter of public record. Once the paperwork is submitted and recorded, anyone who wants to look up your financial information will be able to find those records. In addition, the names of people involved in bankruptcy court are published in local papers and online, so you need to be prepared to deal with this loss of privacy concerning your finances.

We at GPS Law Group hope that this information has been helpful. If you have further questions about the process, simply reach out to our team.