If you are facing serious debt, you may be considering filing for bankruptcy. Before you make this decision, it is best to weigh the pros and cons of this process. To learn the most prominent pros and cons of filing for bankruptcy, continue reading. For assistance with this process, do not hesitate to contact our experienced Rockland County bankruptcy attorney.
What are the cons of filing for bankruptcy?
Making the decision to file for bankruptcy will require you to weigh its cons. Filing for bankruptcy does come with its consequences. This is why it is recommended that you retain the services of an experienced and skilled bankruptcy attorney who can guide you to the best route to take for your specific financial situation.
The following are the most prominent cons of filing for bankruptcy:
- Negatively impacting your ability to get a job
- Raising your insurance premiums
- Difficulty getting a new credit card or line of credit
- Difficulty renting from certain landlords who might be leery of those who file
- Being noted on your credit report for up to 10 years
What are the pros of filing for bankruptcy?
Bankruptcy can assist many individuals who are struggling financially. One of the most prevalent benefits of filing for bankruptcy is the automatic stay. The automatic stay allows individuals who file to keep their homes and prevents creditors from pursuing all collection activities. This will be imposed on all creditors as soon as the individual files for bankruptcy.
Filing for bankruptcy will also allow you to discharge your obligations to repay any of your dischargeable debts. Following your filing, you may begin improving your credit rating.
It is possible that you may go through the bankruptcy process without losing any of your property including your car, home, pensions, retirement accounts, IOA’s, and more. You may also keep your life insurance policies and up to $10,000 in value of household goods.
To discover more about the pros and cons of filing for bankruptcy and if this process is right for you, do not hesitate to contact our experienced bankruptcy firm. Our legal team at the Law Offices of Allen A. Kolber, Esq. is prepared to walk you through each step of the process ahead. We will discover the best route for you to take. To learn more about our services and how we can assist you, give our firm a call today to schedule your initial consultation.
Contact our experienced New York firm
Bankruptcy, for many people, is a frightening endeavor. Fortunately, with the help of an experienced attorney, it does not have to be. If you require the services of an experienced Business Law or Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options. We will have your back every step of the way.