Filing for bankruptcy is a common way to either eliminate debts or make the payments more manageable. It allows you to take stock of your available assets and determine the best route forward. However, there are several factors to consider that will make it easier to prepare. Here’s a closer look to ensure you know what to expect. 

Factors to Consider When Filing for Bankruptcy

1. The Different Types of Bankruptcy

Chapter 7 bankruptcy is when you ask the court to discharge any unsecured debts, such as credit cards and medical bills. In order to qualify, your average income from the last six months must fall under the median for the state. 

Chapter 13 is the alternative for those who make too much for Chapter 7. An attorney will create a plan that redistributes the debts and makes the payments more affordable. They’ll meet with the creditors to gain their approval, and you’ll have three to five years to complete the payback.

2. How to Work With a Lawyer


While it may seem like a simple enough process, the time frames for submitting paperwork may become difficult to track—not to mention all the other details, such as tracking down your bank statements, that are fairly easy to overlook. 

Lawyers are well-versed in the intricacies of bankruptcy and will know exactly what needs to go on file when. They can also handle meeting with creditors and ensure that your rights are upheld throughout the entire case.

3. Building a Credit Score Takes Time

It’s not like your credit score will magically improve the moment you file for bankruptcy. Building a credit score takes time, requiring a certain amount of focus and dedication. The best way to start is by estimating your monthly payments and setting a budget. Anything that’s left over should either go toward paying down debts or building your savings. 

Set a reminder a few days before a bill is due to avoid late fees. You could also ask a trusted family member to add you as an authorized user on their account. As long as they also keep up with their payments, the increase should affect both credit scores.


If you’re looking to file for bankruptcy, reach out to Pirrello, Personte & Feder, PLLC, Attorneys at Law in Rochester, NY. As attorneys, we provide a variety of legal services to clients all throughout Monroe County. We have more than 120 years of combined experience and commit to pursuing the best possible solution for every case. Call (585) 544-7090 to schedule a consultation, and visit our website for additional information on our work.