Due to the rising costs of living, increased medical expenses, and stagnated wages, many people today struggle with their personal finances. Because of this, many people end up finding themselves in a financial hole that is impossible to get out of. In some situations, the best option to consider would be to file for bankruptcy. If you are thinking about filing for bankruptcy, it is important to consider the good and bad consequences that come with it.
The main benefit of filing for bankruptcy is that you can get debt relief. As soon as you file for bankruptcy and notify you creditors, the harassing phone calls will stop. Next, there will be a process in which all of your assets and liabilities are fully assessed and analyzed. In many cases, this process results in having some of your debts released, which can give you the chance to start over.
While there are benefits of filing for bankruptcy, there are negatives as well. One of the main disadvantages of filing for bankruptcy is that your credit will be hurt for a long time. Filing for bankruptcy will stay on your credit report for up to 10 years. This can make it hard to get a loan or credit card in the future.
If you are thinking about filing for bankruptcy, you should reach out to the professionals at Ursulova Law Offices. When you contact this Brighton Beach bankruptcy attorney, you will receive the legal support that you need. The Brighton Beach bankruptcy lawyer will first provide you with a full consultation on your case. This will help you to better determine whether filing is right for you based on the pros and cons of filing. If you decide that it is the right option to pursue, the Brooklyn bankruptcy attorney can then guide you through the entire process to ensure your rights are properly represented.
