Sam Brotman, JD, LLM, MBA December 16, 2013 3 min read

Is Bankruptcy an Option?


Sam Brotman, JD, LLM, MBA

Owner and Director of Legal
Brotman Law

Filing for bankruptcy is an indication to your creditors that you are unable to repay your debts. On the other hand, bankruptcy provides you with protection from your creditors. It provides you with an opportunity to develop an effective debt repayment and management plan.

However, keep in mind that although it is a viable option, bankruptcy is still a drastic solution that will have negative effects upon your finances and your credit history. A bankruptcy stays on your credit report for 10 years. A bankruptcy will impact your ability to get a home or rent an apartment. A bankruptcy will also affect your ability to obtain future credit. In addition, bankruptcy will not discharge some debts such as federal student loans, IRS debt, and child support. “Your pension or profit sharing plan may be affected” (, “Is Bankruptcy an Option,” 8/17/2013). Lastly, bankruptcy may affect your ability to obtain employment especially in fields specific to finance, insurance, and investing.

Understand that declaring bankruptcy may provide you the fresh start you need, but also understand the consequences of choosing the option and how it will affect your life and your finances for the next 10 years. Keep a good perspective. Ten years is a long time to pay your debts, but 10 years is also a significant amount of time to plan your financial comeback.

Need help? Please contact Brotman Law to learn more about how I can help you. Please contact me directly for more information.

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"Sam is a wonderful, results-oriented and extremely knowledgeable and talented attorney, who really has 'heart' in working on behalf of his clients, and explains options in a straightforward, respectful manner. He has assisted us with great outcomes which have added to our quality of life. I would not hesitate to recommend Sam for his services as he is an ethical, personable and expert attorney in his field. You will likely not be disappointed with Sam's work ethic, approach and his efforts."

-Aileen Dwight, Licensed Clinical Social Worker & Psychotherapist

Last updated: June 15, 2024

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Sam Brotman, JD, LLM, MBA

Owner and Director of Legal
Brotman Law



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