Pros

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.

Cons

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.

In the last year, I have sued and won 18 cases against creditors that have violated either State or Federal laws. In less than 12 months, I collected over $100,000.00 from creditors for violating the consumer protection laws.

Edmund Dechant, Santa Rosa Bankruptcy Attorney

2 E St. Santa Rosa, CA 95404