Bankruptcy has a bad reputation and is usually chosen as a last resort by those who are suffering from credit problems or struggling to pay their bills. Bankruptcy can have a negative effect on your credit score, but it can also offer you a way out of your financial situation and offer you a fresh start and a way to rebuild your credit.

Do You Really Want To Avoid Bankruptcy?

If you are struggling to pay your bills, are tired of creditors calling your house at all hours and are ready to rebuild your credit, bankruptcy may be the best option for you. There are ways to avoid bankruptcy, but they involve paying back your creditor quickly. If you don’t have the ability to do that, attorneys at the Koehler Law Office can help you find another option.

What Are The Benefits Of Bankruptcy?

There are several benefits of bankruptcy. It helps eliminate debt and helps you pay any bills you are responsible for with a simple payment plan. Any unsecured debt is removed from your credit report and you are not obligated to pay for it. In some cases, you can save your assets and still file bankruptcy. Once your case is complete, you can start rebuilding your credit and create a better financial situation for yourself.

What Are the Risks Of Bankruptcy?

There are some risks associated with bankruptcy. Bankruptcy does show up as a negative note on your credit report and will stay on it for seven to 10 years. Many lenders will not offer financing or credit to you if they know you have filed bankruptcy and it can be difficult to rebuild you credit. Some types of bankruptcy require you to liquidate your assets to make money to pay back lenders.

Get Help Today With Your Bankruptcy Case

If you are considering bankruptcy but have questions and don’t know where to start, a bankruptcy attorney can help you. Attorneys at the Koehler Law Office will gladly help determine which type of bankruptcy is right for you and make sure you understand how the process works. Call her today at (812) 785-8191 .