I’m considering filing for bankruptcy. What are the pros and cons?
There are several pros and cons for filing bankruptcy. The main reason whether you file or not will depend on your specific situation. When people think of bankruptcy, they often think of the most extreme cases—people who are in so much debt that they can never pay it off. However, bankruptcy is available to anyone who feels like they're drowning in money problems and would like to wipe their slate clean. It's an option that can save you from having to give up your house, your car, or even your job. Here are some of the biggest pros and cons of filing bankruptcy:
If you've fallen behind on credit card payments or other debts, filing bankruptcy can help get you back on track by eliminating those debts permanently.
If you're not sure if you want to file for Chapter 7 or Chapter 13 bankruptcy (the two most common types), consulting a licensed bankruptcy attorney about your options before making a decision can help save you time, money, and stress in the long run.
Filing for bankruptcy doesn't just erase your debts—it also allows you to ask the court for permission to reduce the amount of money you pay every month toward certain expenses like child support, mortgage payments, or student loans. This is called a "debt adjustment." You might also be able to lower your interest rate on credit cards this way. If you have
Filing for bankruptcy is a big deal. It could be the best option for you and your family, or it might not be the right choice at all. There are pros and cons to filing for bankruptcy that you need to consider before you make a decision. In this post, I'll go over some of the most important things you should know about bankruptcy, and I'll try to help you decide if it's right for you. Call this law firm below for a free consultation before you decide to file bankruptcy or not. Good luck.
Ascent Law LLC
8833 S Redwood Road Ste C
West Jordan UT 84088
(801) 676-5506
