A Fresh Start Is Worth It
But You Should Have all the Facts
The idea of filing for bankruptcy makes people nervous, even when crushing debt makes everyday life miserable. Relief from the constant stress about money and the chance to start fresh is priceless, but there are a few trade-offs.
Experienced attorney Robert Lewis will take the time to answer all of your questions and make sure you understand how bankruptcy works. Contact our Nyack law office today for a free initial consultation.
The Pros and Cons of Bankruptcy
- Bankruptcy erases your debts or lets you pay them back over time.
- Most people are able to keep all assets.
- Creditors must stop foreclosure, repossession, collections and harassment.
- Credit counseling (required when you file) helps you avoid similar trouble.
So what prevents people from filing for bankruptcy?
Credit Rating — Your credit score can't get much worse than it is now. Bankruptcy actually gives you a chance to rebuild a good credit rating. You will initially be turned down for loans or be charged high interest. In less than a year most people can re-establish credit cards, and within a few years borrow money at normal rates.
Denial — “Things will get better.” If you can barely make the minimum payments or have missed mortgage payments in the past year, bankruptcy may be the only hope of ever getting back on track.
Guilt — If you are uncomfortable about walking away from debts through Chapter 7 bankruptcy, a Chapter 13 reorganization allows you pay back creditors over time.
The Unknown — A bankruptcy stays on your credit report for up to 10 years, but millions of Americans file for bankruptcy with no long-term impact. Most lenders don't care as long as you have a stable income and pay bills on time. Most employers will not check your credit rating or ask about bankruptcy. (But if you are asked on a job or loan application, never sign your name to a lie.)
You cannot discharge student loans, taxes, unpaid child support and certain liens and judgments. We can help you explore debt consolidation or creditor negotiation for those debts.
Honest Answers for Your Unique Situation
Call us today 845-358-7100 to set up a consultation with an experienced lawyer. Mr. Lewis will personally meet with you in a free initial consultation. We serve clients in Rockland County, Orange County and the Lower Hudson Valley.
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.
