Advantages & Disadvantages Of Bankruptcy

List Of Bankruptcy Advantages

1. It temporarily relieves stress.

List Of Bankruptcy Disadvantages

1. Makes you look irresponsible - professionally and personally.
2. Makes you seem desperate to your friends and family.
3. Can destroy your self-confidence.
4. Can potentially harm your marriage.
5. Can put undue strain and stress on your children.
6. Can prohibit you from purchasing anything on credit for years (i.e. a house).
7. Can destroy your confidence in your spouse.
8. Can cause long term anxiety (especially when you realize you cannot afford anything)
9. Forces you to change your bad habit of spending immediately (this is tough).
10. Will still cost you money (lawyer fees, you may not be able to bankrupt certain things, etc.)
That makes 11, and you can clearly see that the cons of bankruptcy far outweigh the pros in my opinion, and the single pro on this list is counter-acted by number seven on the con list. Basically, these are just some examples of how I see the pros and cons of this terrible instrument of bankruptcy of which many families are taking advantage in a bad way. This is bad because now that so many people have filed bankruptcy, there are many more hoops to jump through to actually be approved for bankruptcy, and for those very few who actually need to file, it is quickly becoming extremely difficult.

Always remember to make bankruptcy your last priority. From the very close people in my life that I have spoke with which have filed bankruptcy, they all say that wish that they never would have went through with it. They have now seen how they could have done so many other things, but they were young or they were following the advice of people that did not know what they were talking about.

Bankruptcy can have far-reaching consequences. So try and avoid bankruptcy as far as possible.