Reading Bankruptcy Attorneys Provide Trusted Bankruptcy Guidance
Deciphering the good and bad in bankruptcy
In the current economy, a growing number of people are considering bankruptcy but many have no idea what to expect. Case & DiGiamberardino P.C. knows that stigma and rumors related to consumer bankruptcy cause many to be afraid they will not be able to recover.
Our bankruptcy attorneys want you to know the facts: bankruptcy laws were designed to help those in financial distress — not to further hinder them — by providing individuals and organizations with a “fresh start” and allowing them to eliminate some or all of their debts.
Truthfully, there are some negative consequences to filing bankruptcy, but they are very few, and, more importantly, we believe they are far outweighed by the positive outcome. In any case, it is a difficult decision to make and we are here to help. We have provided a brief overview of some of the potential negative consequences. And we encourage you to meet with our attorneys to discuss your case so you fully understand your situation and likely outcome.
Potential negative consequences to filing bankruptcy
Our attorneys want you to know that there can be negative consequences to filing bankruptcy. However, federal bankruptcy laws were enacted with safeguards so that no person is discriminated against because of a bankruptcy filing. The negative consequences you might face if you file bankruptcy include the following:
- If you file bankruptcy, your credit score will be negatively impacted; bankruptcy will reflect on your credit for 7–10 years, depending on which Chapter you file.
- But if your credit is already suffering, bankruptcy can only improve your financial situation and your ability to re-establish good credit.
- In the event you find yourself in financial hardship again, filing bankruptcy now will make it more difficult to file again within the next several years.
- But there are debtor educational requirements built into the bankruptcy process, which are designed to help keep individuals from falling into financial distress again.
- Certain debts are not dischargeable, including student loans, some tax debt, spousal support and child support.
- But in 90% of cases, debtors are able to retain all of their assets and still have the remainder of their debts discharged. So, the likelihood of having a fresh start is very good.
Don’t go it alone, contact our Berks County bankruptcy attorneys
The bottom line is bankruptcy is a personal decision. Depending on your financial situation, it may or may not be the only option available to you. Please contact our Berks County bankruptcy attorneys to discuss your case. Our three offices are conveniently located in Lancaster, Malvern and Wyomissing. Contact Case & DiGiamberardino P.C. by 610.372.9900 or online.