Have you been thinking about contacting one of the Bankruptcy Lawyers in Baltimore to start the bankruptcy process? If so, you shouldn’t feel alone. In fact, millions of people think about filing bankruptcy every day. After some consideration, many of these individuals do find that bankruptcy is a good solution for them. However, there are also people who consider filing bankruptcy, but eventually decide that it’s not the best option for them. Therefore, if you’ve been thinking about filing for bankruptcy, you should take a look at some of the advantages and disadvantages bankruptcy before contacting an attorney.
Filing for bankruptcy can also prevent you from being sued and will keep collection agencies from sending you threatening letters, as well. Another advantage of filing for bankruptcy is that you may be able to get rid of some of your debt without losing things like your home or your personal vehicle. Plus, if you’re wages are currently being garnished by a collection agency, filing bankruptcy will make the garnishment stop, as well.
Even though there are several advantages of filing for bankruptcy, there are a few disadvantages that you need to consider, too. One disadvantage of filing for bankruptcy is that a bankruptcy will stay on your credit report for at least seven years. In some situations bankruptcy will stay on your report for up to ten years. Many times this can make it more difficult for you to purchase things like a home or a new vehicle. Also, many people find that it is difficult for them to open checking accounts after they file bankruptcy.
It’s easy to see that there are both advantages and disadvantages of filing for bankruptcy. If you’ve considered all of your options, but still feel that bankruptcy is the best solution, you should contact one of the bankruptcy lawyers in Baltimore. If you aren’t sure about which attorney to contact, you should call the law offices of Frank E. Turney, P.A. today. They have been assisting people with the bankruptcy process for over twenty years and are happy to help you find a solution that’s right for you.
