Shanner & Associates

#1 Bankruptcy Attorney in San Diego

San Diego Bankruptcy Law Office – Pros and Cons to Filing for Bankruptcy

pros-cons-bankruptcyWould you do anything to clean your financial debt and start over again? Many people in the San Diego area just like you are struggling month after month just to make ends meet. The level of debt that some people struggle through is astounding. When all other options seem to fall through the cracks, the idea of working with a San Diego bankruptcy law office may start to sound increasingly more intriguing.  Now is the time to take some serious and decisive action if you are going to erase your debt and start over again.

However, before you take the first step toward filing for bankruptcy, you need to take a step back and speak with a professional about whether or not bankruptcy is the right option for you. After all, there is no way to completely clear your debt without any consequences. That is why meeting with a professional from a renowned San Diego bankruptcy law office is the perfect way to decide whether moving forward with your plans is the best plan for your exact situation or not. Here are a few of the repercussions of going through bankruptcy that should cause you step back and view all your options.

The largest downfall to filing for bankruptcy is that your credit score will take a big hit. The effects will largely be seen for seven to ten years after you file. During this period of time, it will undoubtedly be a challenge, perhaps even seemingly impossible, to obtain personal loans for buying a home, car or other large purchase. After this time period has passed, you may still find it a challenge to build your credit back up. However, a San Diego bankruptcy law office will advise you that starting good habits immediately after filing for bankruptcy, like paying everything on time and living within your means, will help the repercussions be less harsh.

A positive point about working with a San Diego bankruptcy law office to file for bankruptcy, and the reason why people choose to do it, is because you are protected from legal actions that credit card companies and debt collectors could otherwise perform. All previous debts and collection calls will disappear, though you will still need to contend with the new bills introduced by the bankruptcy law office you work with in San Diego, but this is a vast improvement to all the debts you were faced with previously.

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