Many people who are burdened with consumer debt are afraid to file bankruptcy because of the negative connotation of bankruptcy. They believe that bankruptcy is an automatic blemish on their credit history which will not go away for 10 years or more, if ever. This simply is not true.
Everyone wants, and should strive, to be credit-worthy. Whether it's applying for a mortgage or purchasing a vehicle, the ability to obtain credit is essential in the current economy. Credit-worthiness is determined by a person's credit score. A person's credit score is determined by a number of factors, the greatest of which is income-to-debt ratio. A person who is saddled by a large amount of debt necessarily will have a low credit score. By filing bankruptcy and eliminating the debt, the individual's credit score automatically, and sometimes substantially, increases. So, it usually is better to file bankruptcy then not to. So, if an individual has debt, a consultation with an experience bankruptcy lawyer is just like a visit to the doctor. It's worth the financial check-up.