Should I File for Bankruptcy? | The Pros and Cons List

Making important financial decisions is never easy. Fortunately, you can lean on Michael D. Pinsky, P.C. to help you make the most informed choice for you and your future. If you are considering filing for bankruptcy, keep reading to see the pros and cons, and give our firm a call today to speak with a skilled Newburgh bankruptcy lawyer.

PROS:

It is important to mention the several upsides to filing for bankruptcy in New York, and it is not as severe as it seems to be. In fact, one of the most important advantages of filing for bankruptcy is the automatic stay policy. This policy was enacted so that in the event that you file for bankruptcy, an automatic stay is instantly set on all your creditors, which allows you to keep your home while stopping creditors from pursuing all collection measures. It is also critical to note that there are many other advantages in addition to this one. Some other pros to filing for bankruptcy include the following:

  • You may ignore your responsibility to repay any of your dischargeable debts
  • Multiple debtors will start enhancing their credit rating after you file
  • You may go through the bankruptcy process without relinquishing any of your property
  • Sometimes, you may be able to keep your car, your home, any pensions, IRA’s, and retirement accounts, up to $10,000 in value of household goods, life insurance policies, and more.

Do not hesitate to reach out to our firm today if you have questions or concerns about the pros of filing for bankruptcy. Our experienced legal team is ready to assist you with whatever uncertainties you may be feeling. We are committed to ensuring you and your financial future are a priority.

CONS:

Recognize that while there are many benefits to filing for bankruptcy, there are also cons to consider. It is important to evaluate all of these factors in order to make sure that you are making educated financial conclusions. Some of the most important cons of filing for bankruptcy include:

  • It may be hard to get a new credit card or line of credit
  • Raised insurance premiums
  • Bankruptcy will be noted on your credit report for 7-10 years
  • It may negatively affect your ability to acquire a job in the future
  • Some landlords are suspicious of those who file for bankruptcy

Our firm recommends that you view all of your options and understand the pros and cons of filing for bankruptcy before making your decision. The best way to do this is to give our firm a call today to examine your options with a qualified attorney. We are prepared to help you with whatever you decide to choose.

CONTACT A BANKRUPTCY LAWYER TO DISCUSS YOUR DEBT OR COLLECTION ISSUE

Michael D. Pinsky, P.C. represents clients in bankruptcy actions and related matters. Please call 845-394-2616 or contact the firm online to schedule a consultation.

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