Chip Parker today added to the discussion of the decision to file bankruptcy with a post including consideration of the future consequences of filing bankruptcy.

Chip listed possible adverse employment issues and rental housing as areas that might be impacted by a bankruptcy filing.

In my view, these possibilities need to be weighed against the equally real consequences of not solving a debt problem. For most considering bankruptcy, their credit record is already blotched; a bankruptcy filing is not going to be the first adverse entry on their credit report. Bankruptcy might be the first step to improved financial health.

I find myself fighting the fear clients have of the ” bankruptcy unknown”, closing their eyes to the precariousness of their current situation as though doing nothing is a worthy choice.