Michael Papuc is an attorney with over 20 years of experience assisting clients with bankruptcy. When considering bankruptcy, it is important to understand that while it can discharge overwhelming debts and protect from creditor harassment, it will severely impact your credit rating and make it difficult to obtain accounts, loans, and credit-dependent items. Bankruptcy should be a last resort after exploring budgeting, counseling, and repayment plans, as property may also be reclaimed in some repayment proceedings.

1. Points to Consider When
Filing for Bankruptcy
Michael Papuc

2. Michael Papuc: Points to Consider
When Filing for Bankruptcy
Michael Papuc is an attorney with over two decades
of experience practicing in California. Among his
areas of legal expertise, Mr. Papuc assists clients
with bankruptcy proceedings.

3. Michael Papuc: Points to Consider
When Filing for Bankruptcy
In the event of overwhelming debt, an individual or
company may wish to declare bankruptcy in order
to discharge or slowly repay money owed. While
there are benefits to declaring bankruptcy, such as
the protection provided by court judgments against
creditor harassment, bankruptcy does have a
severe impact on one's credit rating. After declaring
bankruptcy, a person or business may be unable to
obtain bank accounts, credit cards, and other items
dependent upon good credit. Property may also be
reclaimed if repayment proceedings dictate such
steps.

4. Michael Papuc: Points to Consider
When Filing for Bankruptcy
Bankruptcy should be considered a last resort,
rather than a “Get Out of Jail Free card." Individuals
or companies with extreme debt should first explore
all possibilities of budgeting, counseling, and long-
term repayment before meeting with a bankruptcy
lawyer.