You've heard the ads on TV or seen them in the newspaper. Lawyers, agencies, and companies popping up to help you claim bankruptcy to "get out of debt fast!" Truth is, filing for bankruptcy can be like tap dancing through a minefield -- one wrong move and your financial situation can blowup, opening yourself up to years of financial hardship.

There is nothing "easy" or "fast" about claiming bankruptcy. Seven out of 10 people who have filed bankruptcy say that it was the most painful experience of their lives. The emotional anguish of bankruptcy can stay with you forever and the financial repercussions of bankruptcy stay on your credit report for 10 years.

Bankruptcy can be an appropriate solution in certain situations, but for most people struggling under mounting debts, the decision to file should be weighed against these serious negative consequences.

The best way to handle bankruptcy is to avoid it! The APGFCU financial counseling department can help you prepare and maintain a budget and plan you can implement, balance your accounts, and achieve your financial goals. The service is FREE to all APGFCU members and the information session is completely confidential. Call and set up an appointment with our budget advisor today before bankruptcy is your only alternative. 410-272-4000 ext. 5530. Get started on building and maintaining a budget by filling out our Budgetary Advice Worksheet today!

Don't file bankruptcy!

• It can ruin your chances of borrowing for a new home or business.
• You may be disqualified from certain employment opportunities.
• You may be denied life insurance.
• Even if you file bankruptcy you can still lose your home to foreclosure or your vehicle to repossession if you cannot make the regular monthly payments.
• It's part of the public record. Anyone can look you up and find out you filed for bankruptcy. It might even be published in your local paper.
• You have to give up control of your assets to the court.
• Someone you don't know will make financial decisions for you.
• It will stay on your master credit report for life and can be reported on your consumer credit report for up to 10 years, making credit difficult and/or expensive to get.
• It has to be reported forever on some loan, insurance and job applications.