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The Pros & Cons of Bankruptcy

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 Chapter 7.
  • 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.