It is important to understand the pros and cons associated with filing a personal bankruptcy if you are considering filing a Chapter 7 or Chapter 13 case. While not every case is the same and it is vital that you confer with us to review your individual circumstances, below is a quick summary of the consequences of filing bankruptcy:
- The majority (possibly all) of your debts will be cancelled.
- All collection activity against you will stop.
- Depending on what chapter you file, it is likely that you can keep all of your assets.
- If your filing requires you to repay creditors, you can spread out the payments over a period of three to five years.
- You may be able to remove liens from your home.
- You can emerge from your case with a fresh financial start, which permits you to begin rebuilding positive credit.
- Bankruptcy negatively impacts your credit score, but for many debtors, their credit score is already damaged by late payments, lawsuits and other financial matters
- You will have a difficult time obtaining a mortgage or loan until your credit score improves
- You will need to assess your finances and change your ways
- Depending on what chapter of bankruptcy you file and your individual circumstances, there is a small risk the trustee will seize your assets to pay creditors
- If you continue to experience financial difficulties, you cannot file another bankruptcy for several years
It is important to understand the consequences of filing for bankruptcy protection, so contact the legal team at DeLadurantey Law Office for assistance.
Contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office. LLC. DeLadurantey Law Office focuses on Chapter 7 and 13 bankruptcy, debtor’s rights, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense. A “defender of the little guy, “DeLadurantey Law Office serves the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County. We can be contacted by phone: (414) 377-0518 and can be found on the Internet and on Facebook.