"Pros And Cons Of Filing Bankruptcy"

When facing a financial crisis, filing for bankruptcy can be an option to consider. However, it is important to understand the pros and cons of filing bankruptcy before taking such a drastic step.

The primary advantage of filing bankruptcy is that it provides debt relief by discharging certain debts or reorganizing them into one more manageable payment. This can provide individuals with a fresh start financially and allow them to rebuild their credit over time. Additionally, when filing for bankruptcy, creditors must stop all collection activities against the debtor including wage garnishment and foreclosure proceedings.

However, there are also some disadvantages associated with filing for bankruptcy such as its effect on credit scores which can remain negative for up to 10 years after the discharge date. Bankruptcy also limits access to new lines of credit as most lenders will not approve loan applications from those who have filed for bankruptcy in the past few years.

The Law Offices of Omar Zambrano has helped thousands of people and them businesses in the past to get out of debt and start over.

Our goal is to help you find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706