- Cancels much of your debt.
- Provides you with a “fresh start”.
- As the result of having your debts canceled, it gives you a positive attitude to deal with life’s other stresses and responsibilities.
- Allows you to keep your car if you remain current on the payments.
- If you own a home, allows you to keeps your home if you remain current on the payments.
- If your home is in foreclosure, allows you to avoid foreclosure and make monthly payments on the past due amounts.
- Does not prevent you from obtaining credit.
- Does not prohibit you from paying selected creditors after your bankruptcy is filed.
- Prevents creditors from making a claim after the bankruptcy is filed even if you later win the lottery.
- The “fresh start” envisioned by the bankruptcy law is only obtainable every 8 years;
- For 10 years, your credit report will show that a bankruptcy was filed;
- You may have to wait 2 years before you can buy a home, although some lenders allow for home loans
after one year.