Before deciding to file bankruptcy, look into the benefits and disadvantages that it may bring. Talking with a bankruptcy lawyer first can help guide you in making a decision that is right for you.
10 Considerations When Contemplating Bankruptcy
If you are considering filing for bankruptcy, consider:
- not all debt may be discharged;
- there is potential to lose possessions or property;
- obtaining credit later on will be more of a challenge;
- money problems may continue even after filing;
- the amount of time invested in filing, completing paperwork and providing financial documents can be long;
- additional debt may be coming after filing;
- it will show up on your credit report for as long as ten years;
- whether Chapter 7 or Chapter 13 is best for your situation;
- you may still be required to pay some of your debt; and
- there may be other options.
Contacting a Texas Bankruptcy Lawyer
Filing bankruptcy may or may not be the answer to your problems. Discuss your financial situation with a lawyer at Warren & Migliaccio at 888-584-9614 to evaluate whether the decision is right for you. Meanwhile, order our FREE bankruptcy guide. It can help you better understand some of the pros and cons to filing Chapter 7 or Chapter 13.