Before you determine whether or not bankruptcy is the right choice for you, you should consider all of the pros and cons of both Chapter 7 and Chapter 13. If you are eligible to file for bankruptcy under the new laws, you should do a bit of research and pick from the many bankruptcy attorneys in Erie in practice to set up a consultation.

There is any number of qualified Erie bankruptcy attorneys who will be able to guide you through the process and clarify in detail what exactly the pros and cons of filing in your circumstances would be. Your choice of bankruptcy attorneys in Erie definitely won’t make the pros of filing for bankruptcy any secret, in fact you probably know a lot of them already – some, if not all of your debt may be completely discharged; your creditors harassment and all subsequent calls from collection agencies will stop; you will most likely get to keep your house and most of your possessions; you will be protected from losing your job and from legal action; etc.; etc.

The pros of filing for bankruptcy are great, but what about the cons? Aside from the possibility of negatively affecting your credit for a period of five to seven years, there are quite a few other things to consider.

Some of your debts may not be dischargeable - like child support, alimony and back taxes; if half of your debt is comprised of these things then bankruptcy won’t be of much help.

Some of your possessions may not be protected – bankruptcy may keep you in your home, but depending upon which type of bankruptcy you file you may lose a reasonable portion of your property.

Associated costs – depending upon the complexity of your case, the legal fees and court costs could add up into the thousands. If none of these costs are able to be waived or dischargeable you could be heading right into more debt once your case is settled.

A brief meeting with bankruptcy attorneys in Erie will be a sure fire way to give you all the info you need to know regarding bankruptcy as it pertains to your particular financial situation.