The Pros and Cons of Filing for Bankruptcy in New York

The Pros and Cons of Filing for Bankruptcy in New York

Before you make the big decision to file for bankruptcy, you will want to understand the pros and cons of filing. Continue reading and speak with our skilled New York bankruptcy attorneys to learn more. Our dedicated legal team is here for you. Reach out to us today to discuss the details of your case.

What are the pros of filing for bankruptcy in New York?

Contrary to popular belief, bankruptcy is not as scary as it seems. In fact, there are various benefits to filing for bankruptcy in New York. One of the biggest advantages of filing for bankruptcy is the automatic stay policy. This suggests that when you file for bankruptcy, an automatic stay is instantly imposed on all your creditors, which enables you to keep your home while blocking creditors from pursuing all collection measures. It is important to note that there are so many other benefits beyond just this one. Some other pros to filing for bankruptcy include the following:

  • Multiple debtors will begin improving their credit rating after you file
  • You may remove your obligation to repay any of your dischargeable debts
  • You may go through the bankruptcy process without losing any of your property
    • In some instances, 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, etc.

If you have questions or concerns about the pros of filing for bankruptcy, you will want to reach out to a skilled New York bankruptcy attorney today to discuss the details of your case with a dedicated legal professional.

What are the cons of filing for bankruptcy in New York?

It is important to recognize the cons of filing for bankruptcy as well to ensure that you are making informed financial decisions. Some of the biggest cons of filing for bankruptcy include the following:

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

You will need to weigh all of your options and understand the pros and cons before making the decision to file for bankruptcy. It is important to consult a skilled bankruptcy attorney. Do not wait to reach out to our firm today to discuss the specifics of your case and your options.

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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