michael papuc: points to consider when filing for bankruptcy

Points to Consider When Filing for Bankruptcy

Michael Papuc

Michael Papuc: Points to Consider When Filing for Bankruptcy

Michael Papuc is an attorney with over two decades of experience practicing in California. Among his areas of legal expertise, Mr. Papuc assists clients with bankruptcy proceedings.

Michael Papuc: Points to Consider When Filing for Bankruptcy

In the event of overwhelming debt, an individual or company may wish to declare bankruptcy in order to discharge or slowly repay money owed. While there are benefits to declaring bankruptcy, such as the protection provided by court judgments against creditor harassment, bankruptcy does have a severe impact on one's credit rating. After declaring bankruptcy, a person or business may be unable to obtain bank accounts, credit cards, and other items dependent upon good credit. Property may also be reclaimed if repayment proceedings dictate such steps.

Michael Papuc: Points to Consider When Filing for Bankruptcy

Bankruptcy should be considered a last resort, rather than a “Get Out of Jail Free card." Individuals or companies with extreme debt should first explore all possibilities of budgeting, counseling, and long-term repayment before meeting with a bankruptcy lawyer.