Pulling Back From the Brink of Bankruptcy

When you are in over your head financially, it's hard to see clearly. Sometimes a fresh eye on your situation can make all the difference. A Harvard University Credit Union counselor can help you size up your bills and your resources and see what might work to clear your debts—short of bankruptcy.

The key is to ask for help before it's too late.

While some advisers—bankruptcy lawyers, mostly—will tell you that bankruptcy has lost its former stigma, most people feel better about getting a fresh start by paying their bills. It won't necessarily be easy but it may be much easier in the long run than paying extremely high rates on any loan you make, losing a promising job opportunity, or being turned down for insurance coverage for the next 10 years. That's how long bankruptcy will stay on your credit record.

In a time of economic upheaval, some people may have to declare bankruptcy who never would have considered it in the past. Bankruptcy is meant to be a safety net for families without any other alternative. The question is—what's that point? One of our counselors can help you review your circumstances and suggest some options.

There are times when bankruptcy is the only answer to severe financial problems. But don't be too quick to assume that's your only option. Call 617-495-4460 today and we can work together on a better answer.

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