Understanding Bankruptcy 10/03/2019

Filed under: Latest News |

BY MICHAEL A. CIBIK, ESQ.
AMERICAN BANKRUPTCY BOARD CERTIFIED

Question: Is filing for bankruptcy bad?

Answer: Bankruptcy sounds like a bad word, but it can be the best thing for you if you can’t pay your bills.

Many people wrongly believe that bankruptcy means you lose everything. In fact, bankruptcy usually helps you keep your property gives you an opportunity to start over.

Many people wonder whether bankruptcy will hurt their credit score. In many cases, bankruptcy actually helps increase a credit score. If you file for bankruptcy, creditors will see that you are trying to remedy your problems rather than racking up late payments, lawsuits, and other negative marks. With bankruptcy, you can start building your credit again.

Because bankruptcy can wipe out credit-card debt, personal loans, medical bills, past-due rent and past-due utility bills, you can keep from dipping into important savings like retirement. With bankruptcy, you can start building your savings again. Bankruptcy is a word that sounds scary, but what bankruptcy can actually do for you is anything but.

Next Week’s Question: What is a Chapter 11(v) bankruptcy?

Michael A. Cibik, Esquire
www.ccpclaw.com
ccpc@ccpclaw.com
215-735-1060

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