How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2830
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
15345323
Type Your Bankruptcy Law Question Here...
Terry L. is online now
A new question is answered every 9 seconds

what are the pros and cons of me filing for bankruptcy

This answer was rated:

what are the pros and cons of me filing for bankruptcy

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

Do you have any specific questions?

Terry L. :

Pros: get out of debt.

Terry L. :

Pros: credit increases in the first year after case

Terry L. :

Con: BK on your credit for 10yrs that you filed the case.

Terry L. :

Con: interest rates higher, and more difficult to get credit the first few years after the case.

Terry L. :

Pro: clients get cars, credit cards, loans etc. the first month after the case, with pretty good rates if they shop arround.

Terry L. :

Pros: stop garnishment, stop foreclosure, eliminate collection calls and letters.

Terry L. :

Thats just a start, let me know if you have specific questions. thanks

Terry L. and other Bankruptcy Law Specialists are ready to help you