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FRANK D. TAFF, J.D., Attorney at Law

3601 SW 29th Street, Topeka, Kansas 66614

Bankruptcy Basics - Part 8: The Discharge

Debtors are usually able to discharge most or all of their debts. Once a debt is discharged, a creditor may not attempt to collect it from the debtor.Learn more about bankruptcy at http://www.usco...

Does Bankruptcy Ruin Your Credit? 

If you were to believe the TV commercials for the so-called "credit counseling" companies that flood the airways, you might think that filing bankruptcy is the End of All Credit Forever. Fortunately, this is not true. 

It is a myth perpetrated chiefly by the credit card-issuing banks that hide behind many of these TV "credit counselors."

But, why do they say bankruptcy ruins your credit, if it’s not true? Simple. They have something to sell – they are trying to make money off your financial distress and frustration and fears. They want you to send your money to them in exchange for their false promise that they can "repair" your credit. Don’t waste your money with the "credit counselors" you see on TV.

Want to know how many of these "credit counselors" have had complaints made against them? Go to and take a look. The effect a bankruptcy has on your credit depends upon the status of your credit today. Is your credit already in the toilet? Are you behind on your car payments? Has the mortgage company turned your account over to a law firm for foreclosure? Are collection agencies calling 10 times a day? Do you fear answering the phone? If your candid answer to any of these questions is "yes," then your credit is already bad. Bankruptcy will improve it.

How can bankruptcy improve my credit? Simple. It gets rid of many, if not all, of the debts you can’t pay -- including credit card debt. It allows you an orderly process for paying off debt that needs to be paid. It gives you a "fresh start." It puts a stop to harassing phone calls, collection suits and garnishments. That’s the whole purpose of bankruptcy. It’s a federal law. Corporations frequently file bankruptcy and continue to operate. You can, too. Call us today for a confidential consultation and information about payment plans. It costs nothing to inquire by phone.

Call us today with your questions about filing for bankruptcy or for a confidential appointment at 785.272.4108.