What Are the Pros and Cons for Filing Bankruptcy?

When you’re considering bankruptcy, you should consider the pros and cons of filing this important legal action before making a decision. A professional bankruptcy attorney can consult with you about your particular financial situation, and help you to make an informed decision about your situation. They are a source of information and support during this difficult time in your life.

Pros of Bankruptcy

Filing for bankruptcy is a great way to discharge many of your debts. This means that they will be forgiven and you are no longer responsible for them. If you cannot pay your bills, you may be able to have these debts legally waived and you won’t have to stress about them anymore. With Chapter 13 bankruptcy, you can reorganize your debts and consolidate them into a monthly payment.

Once you file for bankruptcy, an automatic stay is filed which means that creditors cannot contact you or pursue collections during this time period. Some things may not be eligible for this, but a professional attorney can help you to understand which of your debt applies.

Cons of Bankruptcy

One of the biggest downsides to filing bankruptcy is that you cannot eliminate all of your debt such as student loans, alimony, child support and tax debt. It also leaves a bad mark on your credit history for 10 years. The process can be lengthy and requires the expertise of a professional bankruptcy to help you get through it successfully. This is the time to hire a professional who understands bankruptcy laws, don’t go it alone!

Schedule a Consultation to Discuss Bankruptcy in Florida Today

When you’re considering bankruptcy in Florida, Mancuso Law, P.A. can help you. We serve the Boca Raton, FL area. We provide consultations where you can learn about our experience, our services and answer any questions you have about the upcoming process. To learn more about your bankruptcy options and to schedule a consultation with our professional attorney, call 561-245-4705 our law office today.

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