Every individual face financial instability at one point of time in life.
Every individual face financial instability at one point of time in life.It is up to a person to decide whether to declare bankrupt, when s/he can no more pay debts. Some of the pros and cons of filing bankruptcy are listed below.
1.The laws forces creditors to give you extra time to pay non-dischargeable debts.
2.The bankruptcy court can relieve you from paying a potentially significant amount, if you don't owe money on the type of debts that survive bankruptcy.
3.You can avoid these harsh limitations against refiling for bankruptcy by observing all court orders and court rules, and by not asking to have your case dismissed when a creditor asks for relief from the stay. Consult with an attorney prior to filing for bankruptcy to avoid limiting your bankruptcy options in the future.
4.Your attorney will shield you from creditors by handling all the inquiries.
Visit blc law center
for more details.
1.You could ruin your credit history for the far future
2.It may be more difficult to get credit or receive financial aid to purchase a home, car, etc. Some companies might offer credit to a person immediately, following a bankruptcy because they know that another bankruptcy cannot be filed for seven years.
3.Bankruptcy could be an embarrassment and emotional torture, it might affect your relationships and overshadow your social life.
4.Most of your bank garnishments will be taken off. Your trustee will notify your employer, the court and the creditor to stop the wage garnishment as soon asyou file for bankruptcy