Because every filing is unique, you should contact our experienced bankruptcy attorney to discuss your individual circumstances. Repercussions of bankruptcy include:
- Advantages of bankruptcy — All collection efforts against you must stop once you have filed a bankruptcy petition. This means that creditor harassment of all kinds must stop immediately and that you are provided a forum to discuss your debts with all of your creditors. In addition, the primary advantage of filing a Chapter 7 is that most of your debts can be dismissed. Thus, when your case is over, you’re not held responsible for those debts.
- Disadvantages of bankruptcy — Unfortunately, one of the biggest downsides is that bankruptcy can often have a negative effect on your credit score. As a result, it may be harder for you to qualify for a mortgage loan in the future. In addition, if you have any property that is not exempt under the law, such as a luxury item, the trustee may seize this asset. This rarely occurs, however.
We are with you during each stage of the bankruptcy process. You can trust that we provide candid and reliable advice, skill in meeting the court’s timeline and skilled advocacy in protecting your best interests.