Filing for personal bankruptcy is a life changing decision. Probably one of the toughest you would make in your entire life. You cannot wake up one day and decide to do so. You must critically think before embracing this option and for this, we always suggest to get assistance from a bankruptcy attorney.
You need to be sure. To reach this point, life would have hit you hard. Weigh the advantages and the disadvantages first. Have a look at the cons and pros.
The pros include;
You become Debt-Free
When you owe anyone debt, it is mind disturbing, especially when you have the conscious. You would relief yourself from this guilt. The court will discharge your debts and you will be relieved from this burden.
Retain Valuable Property
The biggest fear you can have as a debtor is losing your property because of credit. According to the law, you can choose what to keep. Some products such as expensive clothes, jewelry, cars and plots would cater for the incurred debt. For example, at steinbergerlaw.com, you can find good lawyers to represent you at the court.
You Live a Stress-Free Life
You can attest that lenders tend to be annoying at times. They would call you frequent times and harass you. They subject you to emotional torture and disturb you with constant threats. Nevertheless, filing bankruptcy offers restrictions to such kinds of distress. Within this period, you can achieve peace of mind.
A Chance to Reorganize Yourself
You release yourself from a huge burden and breathe a sigh of relief. In addition, you get a chance to start a new. You organize your finances and keep them at bay. Furthermore, you look for ways to repay your debts.Also Read: What is your risk tolerance?
The cons include.
This Process is Expensive
As much as you want relief, put in mind, you would have to dig dipper in your pockets, as this process requires money. There several fees to be paid, some of which include; document fees, attorney’s fees, filing fees and bankrupts fees. That’s why you should get help from a commercial bankruptcy agency to learn how to save money in the process.
You Experience Lifestyle Change
Unfortunately, you experience, a new difficult life. After filing bankruptcy, you wouldn’t have access to your credit cards or loans. Forget about your insurance covers or even getting a mortgage. At times even getting employment proves to be a difficult task.
You Develop a Low Self-esteem
You seem like a looser when you fail to pay you debts. Moreover, you come to terms with yourself there is nothing more to do, and admit defeat. Your family and friends might not understand. Thus, you lose confidence in yourself.