Advice to avoid filing for bankruptcy [Video]

(InvestigateTV) — Total bankruptcy filings rose 13 percent in the 12-month period ending Sept. 30, 2023, according to the Administrative Office of the U.S. Courts.

Debt.org warns that filing for bankruptcy is time-consuming, inherently stressful and potentially expensive. And it could negatively impact your credit for up to 10 years.

Leslie Tayne, a debt relief attorney with 25 years’ experience, said bankruptcy should be a last resort, and anyone considering it should consult with a local bankruptcy attorney.

“But remember, bankruptcy is not a right. You have to qualify for bankruptcy. If you’re not sure, speak to a local bankruptcy attorney in the area in which you live, because that’s where you would be filing,” Tayne noted. “While it’s a federal law, there are some state exemptions. In terms of things that you can keep during your bankruptcy, including a house, car, certain cash, jewelry and other assets.”

Before getting to this step, Tayne urged consumers to try other options, such as …