Bankruptcy Pros and Cons

Should you file?

Unfortunately, some people believe there is a social stigma associated with bankruptcy.  However, most of these misconceptions arise from the fact that people are generally unfamiliar with the bankruptcy process and its benefits.  Few people want to file bankruptcy. Instead they may wait until they feel forced to do so.  But, understanding consumer bankruptcy laws can help provide a sense of empowerment and possibly lead to a better life.


Advantages of Filing Bankruptcy
Life can change the instant you file your case. You no longer have to make payments to most creditors. Collection efforts cease. Harassing calls from bill collectors become a thing of the past. Wage garnishments stop (in most cases). You stop accruing negative marks on your credit, and you can even have great credit again within a couple of years.

Disadvantages of Filing Bankruptcy
Put plainly, bankruptcy hurts your credit. But, if you've been having difficulty staying current with your payments,  then the impact on your credit may be minimal. Chapter 7 bankruptcy can appear on your credit for up to ten years. However, that does not mean ten years of bad credit. It is possible to rebuild your credit and have a great score within two years of filing bankruptcy. 

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We are a federally designated Debt Relief Agency under the United States Bankruptcy laws. We assist people with finding solutions to their debt problems, including, where appropriate, assisting them with the filing of petitions for relief under the United States Bankruptcy Code.