Pros and cons of bankruptcy
If you are deciding whether you need to file bankruptcy, you need to consider the pros and cons of bankruptcy. This is easier said than done.
Actually, you cannot really get to the pros and cons of bankruptcy without first deciding whether there are other options, non-bankruptcy auctions that you should consider first. Credit counseling, debt management programs, debt consolidation, non-bankruptcy options in general should be considered along with bankruptcy before you even get to the question of whether or not the pros and cons of bankruptcy favor filing bankruptcy.
Bankruptcy still has a stigma in the minds of many people. Too often, I find that people equate their self-image with their credit score. Nothing could be further from the truth. If you ever lost a job or have a financial setback that does not mean that you are less of an individual in any way, only that you have had a financial setback. That is all.
In considering the pros and cons of bankruptcy, you need first to determine where you are going to get your information. If you go to the Internet, you will find a lot of information but much of the information you find is simply not true. The reason that information about the pros and cons of bankruptcy that you find on the Internet is inaccurate or misleading is because the source itself is not informed.
I recently looked up the pros and cons of bankruptcy on the Internet just to see what was written about the subject. I was shocked to see so much inaccurate and misleading information.
For example, one article lists under the cons of pros and cons of bankruptcy that you will be unable to get credit for 10 years, that bankruptcy is somehow an admission of defeat, and embarrassment. That your name will appear in the newspaper etc. None of this is true.
Under the pros of bankruptcy, this article about the pros and cons of bankruptcy listed that you can begin to rebuild your credit and your life, which is true. It indicates that you can amend an existing chapter 13 plan to accommodate financial disasters, but it ignores other options. It lists as a pro that your name and it will be in court records appear in the newspaper but this is not true either. In addition, under the pros and cons of bankruptcy, this article lists as a pro that judges and trustees have heard stories for worse than yours. What kind of nonsense is this? This is simply not “pro” or “con” about bankruptcy, but it is true.
Really, the best way to get the pros and cons of bankruptcy after you make the decision that bankruptcy is the best option for your financial difficulties is to talk to someone who has done it for a long time. I have been filing bankruptcies for nearly 30 years and one of my most important jobs is keeping people from filing bankruptcy when they really should be using a non-bankruptcy option.