Does the concept of filing for bankruptcy frighten you? While the word
bankruptcy itself gives a rather negative ring to our ears, there can quite a few
benefits to declaring bankruptcy in a timely fashion if your finances
have become unmanageable.
There are many potential ramifications to declaring bankruptcy. In many
cases, it can affect the filers credit rating, which can be difficult
to reestablish. This is one of the reasons why bankruptcy is not the right
choice for every single person, despite the benefits that come with it.
Pros of Bankruptcy:
The first and foremost advantage of declaring bankruptcy is the freedom
it offers from most unsecured debts and can potentially
discharge tax liabilities that are beyond three years old. Learn about
debts that cannot be discharged in bankruptcy.
- Depending on your attorney, you may be able to save a lot of your possessions
from liquidiation is properly exempted when you file for bankruptcy under
- For individuals who are behind on bills, bankruptcy might be able to help
get their debts waived lawfully.
- Any phone calls or letters you are receiving from creditors will be put
to an end once you file for bankruptcy.
Cons of Bankruptcy:
- It is necessary to keep in mind that even though bankruptcy does offer
freedom from debts and tax liabilities, there is no guarantee that absolutely
all of your debts will be forgiven.
- Debts such as fines owed to government agencies, student loans, alimony,
recent taxes, and child support will still remain on your account and
you will have to repay them sooner or later.
- Although it greatly depends on your financial circumstances, bankruptcy
does not ensure that all of your possessions will be exempted from repossession.
The process of filing for bankruptcy is not always cheap. Learn more about the
cost of filing for bankruptcy.
Why You Need to Hire a Debt Relief Attorney
Due to the fact that there are both pros and cons to filing for bankruptcy, hiring a
New York debt relief lawyer to help with your case is a safe way to ensure you do not lose all your
property and possessions. At the Law Office of Simon Goldberg, PLLC we
are experienced in representing bankruptcy and debt relief cases of every
nature, and our main goal is to help you pay back your debt or get it
forgiven with ease and respect. Trust our
brooklyn bankruptcy attorneys to guide you with profenalism and respect. With satellite offices located
around New York City, including Brooklyn, Manhattan, and Long Island,
we are conveniently situated to all NYC residents.
Contact us at the Law Office of Simon Goldberg, PLLC to request a free initial consultation.