With the large figure of Americans still deciding to go on filing for bankruptcy these days, people have to make the hard choice of process by weighing the advantages and disadvantages. Naturally, most individuals always look at the positive impacts before they seriously look at the negative effects of bankruptcy. Many would instantly jump due to the benefits and what things they will get before even assessing the ugly sides. US have bad debt problems for years and it makes thousands and thousands of lives miserable. Not only is the US government in deep trouble today but also the average Americans.
The most beneficial element of filing for bankruptcy that many enjoy is the automatic stay. At the time of filing for petition, the automatic stay goes in to place putting a stop to all collection activity against the debtor. One can no longer experience the late night calls or any form of threat. Because of the power of the automatic stay, a bankruptcy petitioner can also breathe freely knowing that illegal activities cannot happen like lawsuits, foreclosures, wage garnishments and judgments.
One of the biggest negative effects of bankruptcy is the damage it can do to one's credit. Your bankruptcy filing will mark on your credit report for up years. But this does not mean that an individual cannot get any credit after the filing. There are more pretty and ugly sides of filing for bankruptcy and be sure to carefully evaluate each before doing the actual filing for bankruptcy.
Winston I. Cuenant, Esq., is a highly talented French speaking attorney Miami who can extend his helping hands to guide towards a successful legal battle. He can handle case in real estate, civil litigation, filing for bankruptcy and more.