CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What are the Pros and Cons of Bankruptcy?

Bankruptcy is often viewed as something negative that puts a stigma on your financial reputation. Though it is not the ideal situation in which to find yourself, it can be a tool to help you revitalize your current financial situation. It is an important decision, so before determining whether or not bankruptcy is right for you, consider the pros and cons of filing.

What Are Some of the Pros of Filing for Bankruptcy?

• Bankruptcy can discharge your unsecured debts
• Bankruptcy provides you with a fresh start or at least a chance to re-organize your current situation
• Bankruptcy triggers an automatic stay, which means debt collectors must stop contacting you
• Bankruptcy can make it possible to retain ownership of your home and other valuable possessions

Discharge of debts is allowed under Chapter 7 bankruptcy and releases a debtor from his or her obligation to repay unsecured debts. Bankruptcy is an opportunity to begin again and rebuild creditworthiness after prior problems. Not only can it help a person start over, it also makes the burden of current debt easier because he or she is no longer forced to deal with constant harassment from creditors. And because certain types of property are exempt, a person is able to maintain some stability in his or her life while getting back on track.

Of Course, Bankruptcy is not for Everyone. What Are the Cons of Bankruptcy?

• Fees and expenses associated with bankruptcy
• Potential loss of non-exempt property
• Inability to discharge all debts

There is no denying bankruptcy is a black mark on your credit report, but many would argue it is much less so than allowing problems to continue. Many lenders view bankruptcy as an effort to put an end to financial struggles and take responsibility for a situation. Further, in many cases your credit score can be high enough to qualify for conventional financing of a home or a vehicle.

Determining whether or not bankruptcy is right for you is a big decision. It can help to have the counsel of someone with expert knowledge, especially since every situation is different. If you would like to know more or you have questions about your situation and bankruptcy, contact the Law Offices of Robert M. Geller at 813.254.5696

Archive

Tampa Bankruptcy Law Blog

How to Avoid Being a Victim of Scam Calls for Student Loans

Scam Calls for Student Loans Student loans are one of the biggest burdens faced by college attendees. Even students who...
Read More

Can Medical Bills Be Included in a Bankruptcy? Here’s What You Need to Know

Can medical bills be included in a bankruptcy? Medical problems are stressful enough without facing a significant debt burden after...
Read More

I’m Unemployed. Can I Still File for Bankruptcy?

Unemployed Bankruptcy Being in debt is bad enough, but if you’ve lost your job recently or accumulated debt because of...
Read More

How Will Filing for Bankruptcy Affect My Credit?

Will Bankruptcy Affect My Credit? Not paying your bills affects your credit negatively. And yet problems with credit are one...
Read More

Behind or In Default on Your Student Loan? Here’s What You Should Know

Student Loan Default If you’ve fallen behind on student loan payments or your student loans are in default, you aren’t...
Read More

Will Bankrutcy Affect My Job? Learn How Filing Affects You in the Workplace

Will Bankruptcy Affect My Job? Filing for bankruptcy raises many considerations. One of the most important is whether or not...
Read More

Can Bankruptcy Help Me If I’m Behind on Child Support?

Bankruptcy and Child Support Bankruptcy can help you with a lot of things. It can help you stop calls from...
Read More

Can You File for Bankruptcy When You’re Unemployed?

Bankruptcy and Unemployment Being in debt is bad enough, but if you’ve lost your job recently or accumulated debt because...
Read More

Bankruptcy and Eviction History

Eviction With the rate of evictions on the rise in recent months and the expectations that eviction numbers will grow,...
Read More

What to Expect Once You’ve Decided to File Bankruptcy from Home

File Bankruptcy from Home There are a few things that happen when you file bankruptcy from home. An automatic stay...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo comodo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions