Helping You Weigh the Pros and Cons of Filing for Bankruptcy
Decades of Bankruptcy Law Legal Assistance in the Hudson Valley
In the minds of many, the damage that bankruptcy does to credit scores outweighs any benefits. The bankruptcy law attorneys of Silver, Forrester & Lesser, P.C., can assist you in determining your most advantageous course of action.
An important consideration to bear in mind is that bankruptcy actually improves the state of your finances. Chapter 7 and Chapter 13 can:
- Reduce debt
- Lower debt payments
- Discharge debt, including second mortgages
- Halt wage garnishment and bank levies
Thus, though your credit score will likely decline following bankruptcy, you will be in a position to rebuild it when your finances and debt are more manageable.
Lenders, Bankruptcy and Available Credit
Auto dealers and other lenders are often flexible when assessing a consumer's ability to repay a loan. Bankruptcy therefore often does not lead to the inability to obtain credit, because lenders realize that bankruptcy can result in improved cash flow.
A common scenario might look like this: Following bankruptcy, a consumer's credit score dips. The consumer's debt, though, also dips. Many lenders will take decreased debt into consideration when assessing credit worthiness. Thus, the consumer is able to borrow money and, consequently, improve his or her credit at the same time.
In 45 years of providing debt reduction legal assistance in New Windsor, we have encountered very few clients who regretted filing for bankruptcy due to issues with credit scores or any other factor. To discuss your debt reduction options with an experienced lawyer, please contact us at 845-764-4757 or 866-687-1338.
