Deciding whether to file bankruptcy is a difficult choice for everyone involved. It is best to contact one of Aurora’s Best Bankruptcy Attorneys to talk about the matter before you even begin to make a decision. As with anything else in the world today, there are pros and cons to filing bankruptcy. You will want to talk to someone who is well versed in bankruptcy laws to see if it is the best option for you.
Read on below for some of the pros and cons of filing bankruptcy, and then make an appointment with one of Aurora’s Best Bankruptcy Attorneys before you make a final decision.
The Pros of Filing Bankruptcy
* Filing bankruptcy stops all collection attempts by your creditors. If you file with a reputable attorney, they will handle all of the creditors and calls for you.
* Many states allow your home and car to be exempt from bankruptcy. You will still be able to get to your job and you and your family will not end up homeless.
* Declaring bankruptcy will bring you one step closer to rebuilding your life and getting your creditors off your back for good.
* Declaring bankruptcy will keep creditors from taking legal action and suing you, which may end up with your name being printed in the newspaper.
The Cons of Filing Bankruptcy
* You will end up losing all of your credit cards when you file bankruptcy.
* You will not be able to get a mortgage for at least five years.
* A bankruptcy will show up on your credit for at least 10 years, making it hard to get any kind of credit extended to you.
* Many consider bankruptcy as an admission of failure and defeat, although this is not true and it is something that you can recover from in time.
These are just a few of the pros and cons of filing bankruptcy. Weigh the pros and cons yourself, and then make an appointment with a reputable lawyer to discuss your situation. A lawyer will be able to help you make the decision as to whether filing bankruptcy is the right step for you. Click here for more details.