BLC San Diego
Credits can make you unstable sometimes, you will have no choice but file bankruptcy. You should know some of the basic rules of bankruptcy law and the advantages and disadvantages of filing bankruptcy. Some of the pros and cons of filing bankruptcy are given below.
July 25, 2016
Pros
1.Most of your debt will be cleared (except those that are exempt from
bankruptcy), allowing you to begin anew.
2.The automatic stay from the court will immediately put a stop to phone calls or
letters you may have been receiving from collection agencies.
3.Your employer cannot fire you or discriminate against you for bankruptcy
4.Your credit card must have ended up you in all the troubles. If you still don’t thinkit’s bad, you may be able to obtain new lines of credit within one to
three years of filing bankruptcy, although at a much higher interest rate.
Cons
1.Since the debtor’s assets will be administered by the trusty or the official receiver
they must be informed of any changes in the situations during the bank
ruptcy.
2.You’ll be required to pay higher interest rates, making both your monthly
payments and loan payout totals higher.
3.The debtor could lose all the assets made from the hard work of a lifetime. I
t will
be difficult for middle aged people with established family
4.Your credit amount you get after the bankruptcy could be comparative
ly less and
you may not be able to make purchases like house or car.
Visit blclawcenter.com for more details.
Mike Walker
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