Pros & Cons Of Filing for Bankruptcy

If you are facing serious debt, there is a good chance that you are considering filing for bankruptcy. When considering a big decision such as this, it is important to weigh the pros and cons. If you have any questions regarding the bankruptcy process and how it might be suitable for your financial situation, don’t hesitate to reach out to our firm. We would be happy to walk you through the process and answer any questions you might have. Continue reading to discover the pros and cons of filing for bankruptcy.

What are the downsides of filing for bankruptcy?

It is important to understand the filing for bankruptcy does not come without consequences. In order to learn about the best route for your financial situation, you should contact an experienced bankruptcy attorney to provide the knowledge and skills necessary for making the best decisions for you. Some of the downsides of bankruptcy include raising your insurance premiums, being noted on your credit report for up to 10 years, negatively impacting your ability to get a job, difficulty getting a new credit card or line of credit, and difficulty renting from certain landlords who might be leery of those who file.

What are the pros of filing for bankruptcy?

There are many ways that bankruptcy can benefit individuals who are struggling financially. One of the most notable benefits is the automatic stay. An automatic stay will allow you to keep your home, prevent creditors from pursuing all collection activities, and will be imposed on all creditors immediately after filing for bankruptcy.

Another benefit of filing for bankruptcy is that you may discharge your obligation to repay any of your dischargeable debts. Many debtors will begin improving their credit rating after you file for bankruptcy. Plus, you may go through the bankruptcy process without losing any of your property such as your home, car, pensions, IOA’s, and retirement accounts. You may also keep your life insurance policies and up to $10,000 in value of household goods.

To begin this process today, don’t hesitate to reach out to our experienced bankruptcy attorney at the Law Offices of Allen A. Kolber, Esp. We are prepared to assist you through your financial troubles and discover the best route for you to take. Give us a call today.

Contact our experienced New York firm today

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.