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cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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1. What are the three NEGATIVE short/long term pitfalls of

Resolved Question:

1. What are the three NEGATIVE short/long term pitfalls of bankruptcy and what are the three positive benefits.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cortrightlaw replied 5 years ago.

cortrightlaw : There really are not three negatives, I would say there is one negative that is the lowering of your credit score and having bankruptcy on your credit report for 10 years. Of course the negative consequences of that is obtaining future credit can be difficult and you will pay a higher interest rate.
cortrightlaw : The positive effects are the elimination of the debt will reduce the financial stress that is caused by not being able to make your monthly obligations. The financial stress can lead to health issues and family issues of not addressed. Additionally if you already have bad credit then the bankruptcy discharge will give you a fresh start to rebuild your credit.
cortrightlaw :

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