Posts Tagged ‘bankruptcy attorney’

If you are planning to file for Chapter 7, first consider the pros and cons of retaining a bankruptcy attorney and going through with it. Take a look at this list of the pros and cons of bankruptcy and decide what is the right move for you in your current financial situation.

The Pros of Bankruptcy:

Hiring a bankruptcy attorney can be a debt management tool to help solve your financial problems.

  1. Fresh Financial Start – The biggest advantage of having a bankruptcy attorney file your claim is obviously the hope of obtaining a fresh financial start once your debts have been discharged.
  2. Automatic Stay on Debts – Creditors must stop their collections efforts when you file for bankruptcy. All collection actions from creditors will be stopped including: foreclosures, repossessions, and garnishments. If they haven’t, contact your bankruptcy attorney immediately to bring the matter in front of a judge.
  3. Protection of Essential Property­– In most states, your home, car and other essentials are exempt so your bankruptcy attorney will ensure you do not wind up homeless or unable to get around.

The Cons of Bankruptcy:

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