Providing Trusted Bankruptcy Guidance
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 that they will not be able to recover.
Our bankruptcy attorney, John DiGiamberardino, wants you to know the facts about bankruptcy. The consumer bankruptcy legal process can help those in financial distress. It provides individuals and organizations with a fresh start, allowing them to eliminate some or all of their debt. Truthfully, there are some negative consequences to filing bankruptcy, but they are very few. The positive outcomes far outweigh them.
To help you fully understand your options when it comes to bankruptcy, we have provided a brief overview of some of the potential negative consequences.
Potential Negative Consequences To Bankruptcy
We want you to know that there can be negative consequences to filing bankruptcy. However, federal bankruptcy laws ensure that no person suffers discrimination 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 seven to 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 reestablish 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 do not qualify for discharge, 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 Attorney
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. We have three branches located in Lancaster, Malvern and Wyomissing. Contact one of our convenient locations by calling 610-936-6650 or using our online contact form.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.