Aggressive Representation And Legal Advice From A Dedicated Father-Son Team

Attorney Jorge L. Gonzalez

What are the pros and cons of filing for chapter 7 bankruptcy ?

On Behalf of | Jun 24, 2019 | Bankruptcy

[vc_row][vc_column][vc_column_text]The decision to declare for bankruptcy is a very personal one. There are people that believe you should never file. For them, it’s something that should be illegal to go bankrupt or an absolutely wrong thing to do. Others, don’t see it that way, and see it for what it is, a civil right found within our laws as well as an economic decision that benefits the family unit economically.

One of the obvious resulting benefits of filing is the discharge of all yours debts that’s, with few exceptions, in relative fast order without having to ever pay them back. Another benefit is the fact you get to keep your home assuming its your homestead, in addiction to excepting and keeping a limited amount of personal properties and automobile.

In addition, the filer gets to accelerate the process of improving your credit score and rating with the credit bureaus. You normally improve your credit score faster after filing bankruptcy, as oppose to the time it normally takes you to continue to struggle with bad credit for years paying the minimum balances required by the credit card companies.

We do have to mention that the bankruptcy filling stays on your credit report for 10 year. However, this doe does not mean that you will have bad credit for the next ten years as explained above. It is true that in the first 2-3 years you will be able to improve your credit and by the 5th most people report being able to purchase a home.

In life there are important decisions we need to make, and filing bankruptcy is one of them. In my opinion, you should consider bankruptcy after receiving the proper legal advise from an experienced attorney in this field to properly guide you through the legal process.[/vc_column_text][/vc_column][/vc_row]