King bell
VIP Contributor
The Pros and Cons of Bankruptcy
Have you ever been late paying a credit card or loan? Have you been sued for debt? Do you feel like your financial situation is out of control, that there is no way out? If so, bankruptcy could be the answer. This article will explore some of the pros and cons to bankruptcy.
There are many benefits to filing for bankruptcy that can help put your life back on track. The most basic benefit is that it will wipe away most unsecured debts like credit cards, medical bills, payday loans or personal loans. A second benefit is if you lose a job after filing for bankruptcy, in most circumstances your new wages will be exempt from seizure by creditors. Thirdly, if you are forced to file for bankruptcy then it is nearly impossible to ever lose your home. There is no limit as to how much you can pay to stay in your home, and that payment stays for life.
However there are some significant drawbacks. First is the requirement that you must be a U.S citizen or a registered resident of this country in order to file for bankruptcy. Secondly, the court will require you to reveal all assets which can range from a $50 car up to multi-million dollar assets such as real estate and gold jewelry (which may not be paid back by the debtor).
Have you ever been late paying a credit card or loan? Have you been sued for debt? Do you feel like your financial situation is out of control, that there is no way out? If so, bankruptcy could be the answer. This article will explore some of the pros and cons to bankruptcy.
There are many benefits to filing for bankruptcy that can help put your life back on track. The most basic benefit is that it will wipe away most unsecured debts like credit cards, medical bills, payday loans or personal loans. A second benefit is if you lose a job after filing for bankruptcy, in most circumstances your new wages will be exempt from seizure by creditors. Thirdly, if you are forced to file for bankruptcy then it is nearly impossible to ever lose your home. There is no limit as to how much you can pay to stay in your home, and that payment stays for life.
However there are some significant drawbacks. First is the requirement that you must be a U.S citizen or a registered resident of this country in order to file for bankruptcy. Secondly, the court will require you to reveal all assets which can range from a $50 car up to multi-million dollar assets such as real estate and gold jewelry (which may not be paid back by the debtor).
