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Mercado & Hartung, PLLC | Christopher J. Mercado
You can receive a discharge of your unsecured debts and wipe the slate clean.
Answer Applies to: Washington
Replied: 3/5/2012
Ipson Law Firm, PLLC | Michael Ipson
The benefits are you can get rid of a lot of debt without paying it back. You can also stop foreclosures and sometimes reduce the amount you owe on certain items. Filing for bankruptcy requires an individual assessment. You should talk to an attorney to see exactly how it is going to benefit you and your situation.
Answer Applies to: Utah
Replied: 2/22/2012
Philip R. Boardman, Attorney at Law | Phil Boardman
Filing bankruptcy discharges all of your debt and gives you a fresh start financially. You can then use the next few years rebuilding your credit and getting yourself back on track financially.
Answer Applies to: Virginia
Replied: 2/21/2012
HERNANDEZ & SUAREZ, PL | YAHIMA SUAREZ
The benefits of filing for bankruptcy is mainly the opportunity to start again debt free. It is like a new birth. However, you may have other options. You need to consult with an attorney who can go over your options depending on the type and amount of debts that you have.
Answer Applies to: Florida
Replied: 2/20/2012
Marc S. Stern | Marc S. Stern
The benefit to filing bankruptcy is that the debt is discharged and there are no tax consequences. It ought to be a last resort.
Answer Applies to: Washington
Replied: 2/20/2012
McCallum & McCallum | Donald G. McCallum
If you can afford to pay your monthly bills, then you should do so. Bankruptcy is for those who for whatever reason, are so far in the hole they can not dig there way out.The advantages are obvious, the bulk of your debt is gone, and you keep most, if not all of your assets.
Answer Applies to: California
Replied: 2/20/2012
The Barrister Firm | Christopher Benjamin
You are relieved of the legal obligation of paying dischargeable debts.
Answer Applies to: Florida
Replied: 2/20/2012
The Law Office of Darren Aronow, PC | Darren Aronow
Bankruptcy will discharge your debt as opposed to settling the debt which will cost you the amount of the settlement plus you will get a 1099 for the difference of your balance. Bankruptcy will give you a fresh start with no debt and get your credit back quickly.
Answer Applies to: New York
Replied: 2/20/2012
Law Office of Robert Sisson | Robert Sisson
Filing a chapter 7 bankruptcy might be the best way to clear yourself of all of your unsecured debt (ie credit cards, doctor bills. Personal loans etc.).
Answer Applies to: Wisconsin
Replied: 2/20/2012
Ashman Law Office | Glen Edward Ashman
You are about to commit financial and legal suicide. Do not ruin your life and file pro se. Exemptions and keeping (or losing) vehicles is something that you will mess up without legal help. Save yourself from disaster. Abandon your pro se plans, and get a lawyer. It will save you money. A lawyer can look at your finances and determine if you should file, the pros and cons, and your options. He cannot do this with a short post. He needs all your information.
Answer Applies to: Georgia
Replied: 2/20/2012
J.M. Cook, P.A. | J.M. Cook
There are a myriad of pros and cons but basically bankruptcy gives you the ability to start rebuilding your credit now by discharging you of all of your unsecured debt and stop creditors from getting judgments against you that can follow you for up to 20 years.
Answer Applies to: North Carolina
Replied: 2/20/2012
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
The end of the debt...... see a lawyer, I have no idea what you make or what your assets are.
Answer Applies to: California
Replied: 2/20/2012
Law Office of Michael Johnson | Michael Johnson
Bankruptcy will eliminate the debt. The other options are ignore or pay something. There are different options depending on debt and income. You should consult with an attorney.
Answer Applies to: Florida
Replied: 2/20/2012
Carballo Law Offices | Tony E. Carballo
Not having to pay your debts if the main benefit of Chapter 7 (other than stopping action by creditors such as foreclosure, garnishment, levies, collection harrassment and lawsuits). What possible better benefit can there be than not paying debts, particularly when you cannot afford to pay your debts and are going to be sued sooner or later.
Answer Applies to: California
Replied: 2/20/2012
Law Offices of Joseph A. Mannis | Todd Mannis
1) You won't have that large debt anymore 2) Assuming you're falling behind on that large debt, you'll have bad credit, and that will go on indefinitely. Filing bankruptcy will give you a start-over point to rebuild your credit. 3) As you stated, what other options regarding paying this debt do you have? 4) By eliminating things like credit card debt, that money you were using for making minimum payments can be spent on more important things like food and shelter. 5) You'll get rid of a ton of stress. Other than that, not much to recommend it. (And yes, I'm joking)
Answer Applies to: California
Replied: 2/20/2012
Jakob-Barnes Law Firm, LLC | Jennifer Jakob-Barnes
Most people that file for bankruptcy cannot pay their debts. The bankruptcy lifts burden of continuing to try and pay something that will never be paid off.
Answer Applies to: Georgia
Replied: 2/17/2012
Diefer Law Group, P.C. | Abel Fernandez
The main advantage of filing for bankruptcy is that it gets you debt free. You can move on with your life and repairing your credit. If frees up your income so that you can cover costs of living.
Answer Applies to: California
Replied: 2/17/2012
