For those who are in the fence of filing a bankruptcy, be sure to identify first the possible effects or consequences that comes with it. It is best to consider first with a bankruptcy lawyer on what will be the legal process, not to mention, the possible fees that one will incur during the process. So, does filing bankruptcy can solve your financial woes? It could. But, it might not also be the lone answer.
Bankruptcy can turn one person’s world upside down. A single mishap or bad handling of financial could have long term effect on one’s livelihood. What can bankruptcy do for you? Filing a bankruptcy before court means you all collections agency will put a halt on collecting their sum of money to you. Forever. But it has certain exemptions such as tax liabilities and child support obligations will still be collected from you. Not to mention, filing such will not affect your credit score as you will have a fresh start and could potentially boost your score when you do good compared before filing a bankruptcy.
But, there are will be a downside when filing a bankruptcy. One of which is a possible loss of property. This will apply if the value of the property or item that is being foreclosed is lower than the actual value of the item being foreclosed. Another downside is your privacy will be open to court’s reference. This is a major red flag for some as your private information will be available anytime for viewing under court’s order.
If happen you are looking for a competitive and reliable bankruptcy lawyer, BLC Law Center in San Diego is the place to be for your bankruptcy related concern. With combined 100 years of experience, BLC Law Center is the number one choice.