Why File?
A fresh start to get your life back in order.
We can help you find clarity and peace of mind so you can move ahead to a positive future with your financial situation under control.
Advantages of Bankruptcy
- Most debt balances go to zero.
- Immediately stops repossession, utility shutoff, foreclosure, garnishments, and sometimes eviction.
- Property and income can be protected from credit card companies and other unsecured creditors.
- Many liens can be eliminated or modified.
- Your driver’s license may be regained for an unpaid accident judgment, which could lead to employment and income.
- Prevent incarceration for failure to pay support obligations, or as a result of a contempt proceeding involving some other debt.
- Save you interest and penalties related to tax debts. Although bankruptcy may provide many advantages to you, there are valid reasons for choosing not to file. Some of the disadvantages to filing will only apply to particular people, but others relate to the fact that bankruptcy is not the only means to address your current challenges and it may not be necessary.
Disadvantages to Filing
- You may have personal, adverse feelings about discharging debts you believe to owe
- It could effect your relationship with creditors whose debts you discharge (for example, your primary doctor’s office)
- There is a financial cost to filing, including the cost of consumer credit counseling and a personal financial mangement education course (Certificate for Credit Counseling Briefing available here through our featured vendor – Online course only $30)
- The competing alternatives may be more attractive (e.g., settling with your creditors outside of court)
- Filing now may impair your right to obtain bankruptcy relief later
- Fully secured debts may not be eliminated or modified
- The bankruptcy will remain on your credit history for 10 years
There can be many advantages to filing for bankruptcy.
After weighing these advantages against the disadvantages, we will work with you to make a sound decision on your best alternative. Once the decision to file is made, special attention must be given to the bankruptcy process in order to ensure you are getting the full benefit of the bankruptcy – meaning that you eliminate all possible debts, and keep as much of your property as possible, as allowed under the Code.
Although bankruptcy may provide many advantages to you, there are valid reasons for choosing not to file. Some of the disadvantages to filing will only apply to particular people, but others relate to the fact that bankruptcy is not the only means to address your current challenges and it may not be necessary.
We understand what you're going through and want to help.
Call Now for a FREE Phone Consultation with an Experienced Bankruptcy Attorney to learn more about how bankruptcy may help you.