Free Case Evaluation

 
 
X Close
Phone Call Us 414-326-9231
608-260-7133
Toll Free 866-678-9352
Text Us 414-277-7742
You can also feel free to text us at 414-277-7742 to set up your FREE appointment with our attorneys today

What are the negative consequences of bankruptcy?

As you have probably already heard, filing for bankruptcy isn't just an easy way out of debt. It is often a last-resort option for people facing significant debt problems.

There are some negative consequences that result from filing for bankruptcy, which is why it's important to take the decision to file seriously. It's something that should be discussed carefully with an experienced bankruptcy attorney who you can trust

So what are the biggest drawbacks of filing for bankruptcy?

First, bankruptcy cannot forgive all kinds of debt. Child support and alimony are considered non-dischargeable debt, and student loans and tax debts often cannot be forgiven through bankruptcy. That's why the decision to file bankruptcy should depend on the type of debt you have.

Second, filing for bankruptcy will destroy your credit for a period of time. For example, a Chapter 7 bankruptcy can stay on your credit report for as long as 10 years. Additionally, even after the bankruptcy is removed from your credit report you still might have to disclose it to future lenders, employers or landlords.

Third, if you file for bankruptcy now you may not be able to do so again until many years later. Under the law, you must wait at least six years after filing for Chapter 7 or Chapter 13 bankruptcy before filing for Chapter 7 bankruptcy protection again.

With all that said, bankruptcy is still the best option for many Americans who are facing serious debt problems. An experienced bankruptcy attorney can help you way the potential benefits and drawbacks of filing for bankruptcy in your unique situation. 

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Free Case Evaluation

* indicates required field

 
 

Milwaukee Office
735 West Wisconsin Avenue
Suite 600
Milwaukee, WI 53233

Phone: 414-326-9231
Fax: 414-277-1303
Milwaukee Law Office Map

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map