If You Have Debt: Filing Bankruptcy > Not Filing Bankruptcy

PLAIN & SIMPLE: Filing for Bankruptcy and eliminating your debts > not filing for bankruptcy and continuing to have debt.

I know, I’m a broken record when it comes to this subject matter. But I continue to stress the message because I continue to see news articles that stigmatize bankruptcy.

Pros & Cons of Filing Bankruptcy:

Pros:
·        Relieve Stress
·        Eliminate debts
·        Increase your disposable income (by eliminating your debt payments)
·        Increase your credit score in the long-term (by eliminating the high debt balances from your credit report)
·        Avoid complicated debt consolidation, and/or debt settlement plans
·        Various other advantages: Save your house, lower car payment, stop garnishments, etc.

Cons:
·        Often decreases credit score in the short-term (But remember: In the long-term it eliminates the debt balances, which enables you to increase your credit score going forward)
·        Must go through the bankruptcy process (contact an attorney to find out how easy it is!)
·        Depending on value, you may have to sacrifice some assets.. Although Ohio Law offers protection of many assets like your home, car, retirement, etc.! (Again, contact an attorney to determine if your assets are protected from bankruptcy)

I get fired up when I read an article that stigmatizes bankruptcy. Filing bankruptcy is much better than not filing and stressing every day about your debt!

Contact a bankruptcy attorney to find out how you can best eliminate your debts.

Thanks for Reading,

Lucas Ruffing
Attorney
740-815-1114 (call/text)
LucasRuffingLaw@gmail.com (email)