CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

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

Tampa Bankruptcy Law Blog

Top Three Bankruptcy Tips

Top Three Bankruptcy Tips

Filing for bankruptcy can be an overwhelming experience. Many people postpone filing to avoid the intimidation and anxiety they assume
Read More
Is there Such a Thing as Bankruptcy School?

Is there Such a Thing as Bankruptcy School?

If you’ve heard anyone talking about bankruptcy and what’s needed to successfully use it to remedy financial problems, you might
Read More
Three Important Things to Know about Bankruptcy and Taxes

Three Important Things to Know about Bankruptcy and Taxes

Bankruptcy offers relief when debts have gotten out of control. Chapter 7 bankruptcy results in a discharge of certain debts, which
Read More
What Happens When You are Sued for a Debt?

What Happens When You are Sued for a Debt?

If you’ve been served with a notice from a creditor that you’re being taken to court over a debt, you
Read More
Why Researching Bankruptcy Online Could Be a Mistake

Why Researching Bankruptcy Online Could Be a Mistake

In this day and age, the first place we turn for information is the internet. It’s convenient, free, and easy,
Read More
Why the Meeting of Creditors is the Scariest Part of Bankruptcy

Why the Meeting of Creditors is the Scariest Part of Bankruptcy

Filing for bankruptcy is a scary experience, but within the entire process from start to finish, the 341 Meeting of
Read More
How Do You Benefit from the Automatic Stay?

How Do You Benefit from the Automatic Stay?

Bankruptcy offers a variety of benefits. One of the most important is the automatic stay. Bankruptcy’s automatic stay stops bill collectors
Read More

The Secret Trick for Making the Most of Bankruptcy Exemptions

When you file for bankruptcy you take a risk. You’re risking that the choice you’re making now will improve your
Read More

Leftover Debt: What You Can Expect to Pay after Bankruptcy

Bankruptcy can free you from financial burdens that have plagued you for years. It can make your life easier and
Read More

Is Chapter 13 Bankruptcy the Best Option for You?

Deciding that bankruptcy is the right solution to help you with your financial struggles is a big commitment. Many people
Read More

Contact Us

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


 
comodo 10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2017 Robert Marc GellerReviewsout of 32 reviews LEA

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

Pay Online    

Office Locations

$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
Maps & Directions


Tampa Law Office Map

Satellite 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
Maps & Directions


Map and Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.