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The Pros & Cons of Filing Bankruptcy

If you are considering filing for Chapter 7 or Chapter 13 bankruptcy, it is important to understand the consequences.  There are pros and cons to filing for bankruptcy protection.  Below is a summary of the good and bad: Pros of bankruptcy:

  • The majority, if not all of your debts will be eliminated.
  • All collection efforts against you must cease.
  • Depending on what chapter you file, you can retain all of your assets.
  • If you have to repay any creditors, it can be one low repayment over 3-5 years.
  • You may be able to remove liens from your home.
  • You obtain a fresh start which allows you to start rebuilding positive credit.

Cons of bankruptcy:

  • Your credit history will be damaged until you rebuild your credit (however, if you are behind on your payments already, your credit history is already damaged).
  • You will need to change your ways so you don't rely on bankruptcy in the future.
  • There are time limits as to when you can file another bankruptcy in order to obtain a second discharge.  

The attorneys at Levitt & Slafkes, PC can review your individual financial situation and explain how a bankruptcy will impact you.  If you are interested in learning how filing a bankruptcy case can benefit you, contact Levitt & Slafkes, PC, at 973-323-2953. You can also reach us by filling out our online form. We represent debtors in Chapter 7, Chapter 13 and Chapter 11 filings. Let us help you get the fresh financial start you need today.

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