If you’ve found yourself in a difficult financial situation or you’re facing Foreclosure Chandler AZ, you may be considering filing bankruptcy. However, it’s important to know that filing bankruptcy doesn’t automatically improve your financial situation. Also, for many people the bankruptcy process can take several months to complete. Most financial advisers will also tell you that bankruptcy should only be done if you don’t have any other options. Therefore, before you file, it’s important to take a look at both the advantages and disadvantages of filing bankruptcy.
One advantage of filing bankruptcy is that it can stop the harassing phone calls that you are getting from lenders about late credit card payments or about your home that’s in Foreclosure Chandler AZ. It will also prevent these creditors from attempting to sue you or send you threatening letters. Filing bankruptcy can also keep you from having to pay off some of the debt that you have, while still being able to keep some of your assets. For many people filing bankruptcy is the first step to rebuilding their life that has been taken over by their financial situation.
Even though there are some advantages of filing bankruptcy, there can be disadvantages, as well. Perhaps the biggest disadvantage of filing for bankruptcy is the effect that it has on your credit. After filing bankruptcy, many people are unable to get vehicle loans and auto insurance with certain companies. Plus, if you file bankruptcy a record of that bankruptcy stays on your credit report for seven years. Many people who have filed for bankruptcy have also had a difficult time opening new checking accounts. Some have even found it more difficult to get a job after filing bankruptcy.
Lastly, it’s important to remember that bankruptcy isn’t right for everyone. Therefore, you should contact an attorney before you file. They will be able to review your current financial situation and help you decide if bankruptcy is right for you. If you don’t have an attorney, you can Visit Site to schedule a free consultation. If you speak with them and then decide that bankruptcy is right for you, the law office will then prepare the necessary documents to get the bankruptcy process started.
