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Levitt & Slafkes, P.C. - Essex County Bankruptcy Attorneys

Get The Fresh Start You Deserve

Levitt & Slafkes, P.C. - Essex County Bankruptcy Attorneys
GET THE FRESH START YOU DESERVE

Bankruptcy &
Debt Relief For
Individuals and
Businesses

Chapters 7, 11
and 13

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Foreclosure
Defense &
Mortgage
Litigation

Saving Homes
Fighting Banks

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Loan
Modifications

Preventing
Foreclosure

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Commercial and 
Bankruptcy
Litigation

State Federal &
Bankruptcy Court

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Bankruptcy & Debt Relief For
Individuals and Businesses

Chapters 7, 11 and 13

Find Out
More

Foreclosure Defense &
Mortgage Litigation

Saving Homes Fighting Banks

Find Out
More

Loan Modifications

Preventing Foreclosure

Find Out
More

Commercial and Bankruptcy
Litigation

State Federal &
Bankruptcy Court

Find Out
More

The Pros & Cons of Filing Bankruptcy

| Jun 14, 2013 | Bankruptcy Basics |

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, P.C. 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, P.C., 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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