It is not unusual to fear bankruptcy. After all, a common misconception about bankruptcy is that it damages credit scores permanently. However, filing for bankruptcy has the opposite effect in most cases. In fact, bankruptcy will improve your income-to-debt ratio and eliminate future derogatory reporting to the credit bureaus which may better your credit score over time.
Although bankruptcy is appropriate in many cases, it is recommended to seek attorney advice when making the decision to file for bankruptcy. Colorado Law Group offers initial consultations to potential bankruptcy clients in order to present them with their options under the Bankruptcy Code.
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