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The financial curveballs of life can strike suddenly and make it difficult for you to settle debts, pay bills, or meet your other financial needs. When facing financial distress, filing for bankruptcy – Chapter 7 or Chapter 13 – is among the promising options to achieve the financial relief or clean slate you deserve.

Bankruptcy is often referred to as the “B” word. It is a topic spoken about in hushed tones and dark corners, but it is not a sign of failure. For those who stand little chance of ever getting their financial life back in control, bankruptcy does exactly what it was created by law to do. It gives people a fresh financial start, and there is nothing to be ashamed about taking responsibility for your choices and working toward making wiser ones in the future.

No matter how hard you work or how well you plan, it’s impossible to foresee the financial challenges that life has in store for you. While you can’t predict the future, you can control what steps you take toward financial relief.

It is true that Chapter 7 or Chapter 13 bankruptcy shows up on credit reports for a while. Its presence will negatively affect your credit score and everything related to it. Nonetheless, the bankruptcy is not a permanent fixture on your report.

With all the economic ups and downs of the pandemic, it’s not usual for people and businesses to have suffered financial setbacks.

If you are considering filing for bankruptcy, you are not alone. Many people have and will continue to file for bankruptcy based upon the times with corporate layoffs, downsizing and continuing business failures. Although not inclusive, the general guidelines below will help you determine if you should consider filing bankruptcy.