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Occasionally, filing for bankruptcy is quite clearly the right solution. For example, if you’re

paying $3,000 to your creditors each month and your monthly income is only $4,000, then filing

for bankruptcy is definitely warranted. However, deciding whether or not to file for bankruptcy

isn’t always easy. If you’re on the fence, it’s a good idea to schedule a consultation with a

bankruptcy lawyer. An attorney can help you understand the benefits and potential drawbacks of

filing for bankruptcy, and answer all your questions about the legal process.


Identifying the Benefits

Bankruptcy is often an attractive solution to debtors because it provides an opportunity for a

clean slate. After filing for bankruptcy, you can get your personal finances back on track and

begin building a more sound financial future. For many people, money problems are a source of

considerable stress. You may find that filing for bankruptcy can help you breathe a little easier.

In part, this may be because your creditors will be automatically barred from contacting you

about your debt. Additionally, they won’t be able to garnish your wages, file a lawsuit, or seize

your assets. Another benefit of filing for bankruptcy is that you’ll likely keep all or most of your


Considering the Potential Drawbacks

For many debtors, the significant benefits of a successful bankruptcy far outweigh the

disadvantages. However, you should still discuss these potential drawbacks with your

bankruptcy attorney before you make your final decision. For example, a bankruptcy will remain

on your credit history for quite a while, although you can begin rebuilding your credit right

away. And depending on the type of debt you have, you may not be able to completely eliminate

it. For example, child support, alimony, student loans, and tax debt are not dischargeable.

At Cutler & Associates, Ltd., our bankruptcy attorneys offer a free consultation to provide our

clients with all the information they need to make an informed decision about bankruptcy. Even

if you’re not quite sure whether bankruptcy is right for you, we invite you to stop by our office to

learn more.