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DEBT RELIEF LAW CENTER

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Pros and Cons of Bankruptcy

For consumers who are currently unable to pay their debts, filing for bankruptcy allows them to resolve their financial difficulties and start rebuilding their credit.

As with most things, filing for bankruptcy has advantages and disadvantages, depending on the consumer's situation.

The Pros of Filing for Bankruptcy

  • Filing for bankruptcy will trigger the automatic stay, preventing creditors from taking action to collect their debts, prevent creditors from repossessing property such as cars, including calling you, suing you, or sending you letters.
  • You may be able to eliminate or discharge your obligation to repay any of your dischargeable debts.
  • By using the bankruptcy exemptions, many debtors can go through the bankruptcy process without losing any of their property.
  • While a bankruptcy filing will remain on your record for 7-10 years, because many debts can be discharged in bankruptcy, many debtors begin improving their credit rating after filing for bankruptcy.

The Cons of Filing for Bankruptcy

  • Filing for bankruptcy may affect one's finances for many years.
  • Some disadvantages of filing for bankruptcy are:
  • If you are unable to exempt all of your personal property or real estate under the bankruptcy exemptions, some of your property may be seized by the bankruptcy court and sold to pay your creditors.
  • Your bankruptcy will be noted on your credit report for 7-10 years.
  • Many credit card companies will automatically cancel your credit cards when you file for bankruptcy.
  • A recent bankruptcy filing may hinder your ability to obtain a mortgage or loan for many years.
  • Tax refunds from federal, state or local governments may be denied based upon your bankruptcy.
  • If you are looking for a job or housing, some employers or landlords may look unfavorably on a recent bankruptcy filing.
  • After your bankruptcy, some debts, such as student loans, alimony, tax debts, liens, may be non-dischargeable.

Pros and Cons of Bankruptcy

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 About Jim Turner

ABOUT JIM TURNER

Attorney N James Turner

STARTED SINCE 1990

Orlando Consumer Rights Lawyer - providing aggressive and affordable professional services to consumers who have been victims of debt collection harassment by debt collectors and Pros and Cons of Bankruptcy, to residents in Orlando, Kissimmee, and throughout the Central Florida Area.

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