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  • There can be many advantages to filing for bankruptcy. After weighing these advantages against the disadvantages, we will work with you to make a sound decision on your best alternative. Once the decision to file is made, special attention must be given to the bankruptcy process in order to ensure you are getting the full benefit of the bankruptcy – meaning that you eliminate all possible debts, and keep as much of your property as possible, as allowed under the Code. Call us now at 954-600-8990 if you would like to discuss with an experienced attorney if and how a bankruptcy filing could help you.

    Advantages of Bankruptcy:
    A Fresh Start to get your life back in order.

    Most debt balances go to zero.

    Immediately stops repossession, utility shutoff, foreclosure, garnishments, and sometimes eviction.

    Property and income can be protected from credit card companies and other unsecured creditors.

    Many liens can be eliminated or modified.

    Your driver’s license may be regained for an unpaid accident judgment, which could lead to employment and income.

    Prevent incarceration for failure to pay support obligations, or as a result of a contempt proceeding involving some other debt.

    Save you interest and penalties related to tax debts.
    Although bankruptcy may provide many advantages to you, there are valid reasons for choosing not to file. Some of the disadvantages to filing will only apply to particular people, but others relate to the fact that bankruptcy is not the only means to address your current challenges and it may not be necessary.

    Disadvantages to Filing:

    You may have personal, adverse feelings about discharging debts you believe to owe

    It could effect your relationship with creditors whose debts you discharge (for example, your primary doctor’s office)

    There is a financial cost to filing, including the cost of consumer credit counseling and a personal financial mangement education course (Certificate for Credit Counseling Briefing available here through our featured vendor – Online course ony $30)

    The competing alternatives may be more attractive (e.g., settling with your creditors outside of court)

    Filing now may impair your right to obtain bankruptcy relief later

    You could lose nonexempt property if you have substantial equity

    Fully secured debts may not be eliminated or modified

    The bankruptcy will remain on your credit history for 10 years

    Contact us now to schedule a free consultation and learn more