If considering bankruptcy, consult a Dallas, Texas bankruptcy lawyer to review the pros and cons of filing. Deciding to file for bankruptcy is a huge decision, and one that’s not taken lightly. As bankruptcy stays on your credit for a whopping 10 years after filing, taking this financial action requires careful consideration.
Learning the benefits and disadvantages of filing for bankruptcy can be the first step in making your decision. Benefits of bankruptcy can include:
- most of your debts are eliminated;
- your home and car are protected from seizure or foreclosure;
- you receive credit counseling to help prevent future financial problems;
- you stop getting harassed by creditors; and
- you can start over financially and begin to rebuild your credit.
Disadvantages of filing for bankruptcy include:
- the bankruptcy is visible on your credit for 10 years;
- you cannot file bankruptcy for another seven years;
- you may receive higher interest rates on loans and other credit lines;
- it may be difficult to take out loans or purchase a home; and
- you will have to pay fees for court filing, credit counseling, financial management, etc.
Do the benefits outweigh the disadvantages? Is now the right time to file, or should you take other steps first? Such questions may be best left for an attorney, as each situation may differ from one to the next.
If you’re considering filing for bankruptcy, speak to a legal professional first. Call 888-584-9614 to speak to the Dallas, Texas bankruptcy lawyers at Warren & Migliaccio Attorneys at Law today. What are you waiting for, another call from a creditor? Read our FREE eBook today, What You Need to Know about Bankruptcy.