{"id":5266,"date":"2025-02-10T21:30:21","date_gmt":"2025-02-10T21:30:21","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/filing-for-bankruptcy-here-are-5-important-things-to-know-first\/"},"modified":"2025-02-10T21:30:21","modified_gmt":"2025-02-10T21:30:21","slug":"filing-for-bankruptcy-here-are-5-important-things-to-know-first","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/filing-for-bankruptcy-here-are-5-important-things-to-know-first\/","title":{"rendered":"Filing for bankruptcy? Here are 5 important things to know first."},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\"><span class=\"img embed__content\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2025\/02\/10\/147b99a1-1993-4e8c-9035-8d838486b636\/thumbnail\/620x413\/1c6936f13f7cd3cc4a5f04d712fb10de\/gettyimages-1707510994.jpg?v=c6b5070a57014f3b00753bf0e763f9c3#\" alt=\"judge's gavel,  empty wallet \" height=\"413\" width=\"620\" class=\" lazyload\" data-srcset=\"https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2025\/02\/10\/147b99a1-1993-4e8c-9035-8d838486b636\/thumbnail\/620x413\/1c6936f13f7cd3cc4a5f04d712fb10de\/gettyimages-1707510994.jpg?v=c6b5070a57014f3b00753bf0e763f9c3 1x, https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2025\/02\/10\/147b99a1-1993-4e8c-9035-8d838486b636\/thumbnail\/1240x826\/409e1c933b7104aa042a07be2ba1b934\/gettyimages-1707510994.jpg?v=c6b5070a57014f3b00753bf0e763f9c3 2x\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20viewBox%3D'0%200%20620%20413'%2F%3E\"\/><\/span><figcaption class=\"embed__caption-container\"><span class=\"embed__caption\">Don&#8217;t start the bankruptcy filing process before you fully understand what it entails.<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                AITOR DIAGO\/Getty Images<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>The decision to <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-much-debt-is-worth-filing-for-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">file for bankruptcy<\/a><\/span> is rarely an easy one to make. For many people, a bankruptcy filing comes after months or even years of struggling with mounting debt, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/critical-steps-to-take-after-a-debt-collector-calls-you\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">creditor calls<\/a><\/span> and the constant stress of financial uncertainty. But while bankruptcy can offer a fresh start, it&#8217;s also a serious legal process that shouldn&#8217;t be entered into lightly.<\/p>\n<p><span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-happens-when-you-file-for-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">The impact of bankruptcy<\/a><\/span> extends far beyond just eliminating debt. It affects <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/whats-good-credit-score-determining-factors\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">your credit score<\/a><\/span>, your ability to obtain loans or credit cards and can even influence your employment prospects or housing options. Understanding these and the other consequences that can come with it is crucial before making a decision regarding your debt.<\/p>\n<p>That said, bankruptcy isn&#8217;t always as financially devastating as many people imagine it to be. With proper preparation and understanding, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/should-i-file-for-bankruptcy-or-debt-relief\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">it can be a useful tool<\/a><\/span> for financial recovery rather than a permanent blemish on your finances. Before you take this step, though, there are several critical factors you need to consider.<\/p>\n<p><a href=\"https:\/\/clicks.trx-hub.com\/xid\/cbsint_a10ef_cbsnews?q=https%3A%2F%2Fsecure.money.com%2Fpr%2Fa68c45e313e3%3Fs1%3Dhttps%253A%252F%252Fwww.cbsnews.com%252Fnews%252Fimportant-things-to-know-before-filing-for-bankruptcy&amp;p=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fimportant-things-to-know-before-filing-for-bankruptcy%2F&amp;event_type=click&amp;article_id=13714e2c-602c-4889-872c-87956918f926\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Start tackling your debt problems today<\/a>.<\/p>\n<h2><strong>5 important things to know before filing for bankruptcy<\/strong><\/h2>\n<p>If you&#8217;re considering pursuing this type of debt relief, here&#8217;s what you may want to consider first:<\/p>\n<h3><strong>Bankruptcy will stay on your credit report for years<\/strong><\/h3>\n<p>One of the most significant long-term consequences of bankruptcy is its impact <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-will-filing-for-bankruptcy-impact-my-credit-score\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">on your credit report<\/a><\/span>. Chapter 7 bankruptcy remains on your credit report for a total of 10 years, while Chapter 13 stays for 7 years. During this time, you&#8217;ll likely face higher interest rates on loans and credit cards, if you can qualify for them at all. Some landlords and employers also check credit reports, which means bankruptcy could affect your ability to rent an apartment or land certain jobs.<\/p>\n<p><a href=\"https:\/\/clicks.trx-hub.com\/xid\/cbsint_a10ef_cbsnews?q=https%3A%2F%2Fsecure.money.com%2Fpr%2Fa68c45e313e3%3Fs1%3Dhttps%253A%252F%252Fwww.cbsnews.com%252Fnews%252Fimportant-things-to-know-before-filing-for-bankruptcy&amp;p=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fimportant-things-to-know-before-filing-for-bankruptcy%2F&amp;event_type=click&amp;article_id=13714e2c-602c-4889-872c-87956918f926\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">See what debt relief options are available to you now<\/a>.<\/p>\n<h3><strong>Not all debts can be discharged<\/strong><\/h3>\n<p>Many people assume bankruptcy will eliminate all their debts, but <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/will-filing-for-bankruptcy-clear-my-credit-card-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">this isn&#8217;t always the case<\/a><\/span>. Certain types of debt typically can&#8217;t be discharged through bankruptcy, including most student loans, recent tax debts, child support and alimony obligations. If you&#8217;ve taken on new debt recently or made luxury purchases on credit cards shortly before filing, these debts might not be eligible for discharge, either. So, understanding which debts can and cannot be eliminated is crucial for making an informed decision about whether bankruptcy is right for you.<\/p>\n<h3><strong>You have other options to consider<\/strong><\/h3>\n<p>Before committing to bankruptcy, it&#8217;s important to understand that <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/important-debt-relief-options-to-know\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">you have other debt relief options<\/a><\/span> that might be less damaging to your financial future. <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/debt-consolidation-what-is-how-does-it-work\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Debt consolidation<\/a><\/span>, for example, can combine multiple debts into a single loan with a potentially lower interest rate. Or, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/important-facts-to-know-about-debt-settlement-according-to-experts\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a debt settlement program<\/a><\/span> might help you negotiate with creditors to pay less than what you owe. Credit counseling agencies can also work with you to create <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-a-debt-management-program\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a debt management plan<\/a><\/span> that combines reduced interest rates with structured repayment schedules. And, many creditors are willing to work with borrowers <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/credit-card-hardship-programs-what-to-know-about-this-debt-relief-option\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">through hardship programs<\/a><\/span>, especially if you&#8217;re proactive about communicating your financial difficulties.<\/p>\n<h3><strong>There are different types of bankruptcy<\/strong><\/h3>\n<p>There are also different types of bankruptcies you can file. For example, Chapter 7 and Chapter 13 are the most common types of personal bankruptcy, but they work very differently. Chapter 7, often called &#8220;liquidation bankruptcy,&#8221; <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-much-debt-do-you-need-to-file-for-chapter-7-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">can eliminate most unsecured debts<\/a><\/span> within a few months but might require you to sell some assets. Chapter 13, known as &#8220;reorganization bankruptcy,&#8221; involves creating a multi-year repayment plan to pay back some or all of your debts while keeping your assets. However, you&#8217;ll need to qualify for Chapter 7 through a means test, and if your income is too high, Chapter 13 might be your only option.<\/p>\n<h3><strong>You&#8217;ll need to complete credit counseling<\/strong><\/h3>\n<p>Before you can <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/credit-counseling-vs-debt-relief-which-is-better-for-borrowers\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">file for bankruptcy<\/a><\/span>, you&#8217;re required by law to complete credit counseling from an approved agency. This counseling must take place within 180 days before filing and includes an evaluation of your financial situation, a discussion of alternatives to bankruptcy and a personal budget plan. You&#8217;ll also need to complete a debtor education course before your debts can be discharged. These requirements help ensure you&#8217;re making an informed decision and have the tools to manage your finances better in the future.<\/p>\n<h2><strong>The bottom line<\/strong><\/h2>\n<p>Bankruptcy can provide a fresh financial start when you most need it, but it&#8217;s not a decision to take lightly. Understanding the long-term consequences, the different types of bankruptcy and the debts that can or cannot be discharged is essential. Before filing, you may also want to explore your other debt relief options to see if you can resolve your financial challenges without the impact of bankruptcy. If you ultimately decide that bankruptcy is the right path, make sure you&#8217;re prepared for the legal process and potential lifestyle changes that come with it. After all, making a well-informed decision today can set you on a stronger financial path in the future.<\/p>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/angelica-leicht\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Angelica Leicht<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Angelica Leicht is senior editor for Managing Your Money, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/important-things-to-know-before-filing-for-bankruptcy\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Don&#8217;t start the bankruptcy filing process before you fully understand what it entails. AITOR DIAGO\/Getty Images The decision to file<\/p>\n","protected":false},"author":1,"featured_media":5267,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-5266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Filing for bankruptcy? 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