Deciding to file bankruptcy can be a tricky proposition. There are positives and negatives to every decision. In this article, we take a look at some of the Pros and Cons.
Positives
All set to go? Let's start then. First the positions in favor and also the reasons supporting: The 1st point in support of filing bankruptcy will be the fact it gives you a chance to start over after making some very bad financial moves. The second supporting is the simple the relief you get from ending calls from creditors. The third positive point is the act of finally making the decision instead of stressing endlessly about what the right thing is to do.
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The fourth point in support of filing bankruptcy would be the piece of mind. Many picture the worst possible result, but it rarely happens. Making the decision to move forward is an important emotional move. Last but not least, the fifth point is you can learn from your mistakes and avoid making them in the future.
Negatives
Are there negatives to filing bankruptcy? Of course there are. The key is to understand them up front and then make an informed decision. With this in mind, let's take a look at a few.
The primary argument against filing bankruptcy is you are bailing out on debts you agreed to pay. The second point in contrast will be your credit score is going to take a beating, but it would have anyway. The third point in contra will be you are going to have to be in court on occasion to face your creditors. A fourth negative point will be you are going to have to hire and pay for an attorney. Fifth and ultimately, last point in contra shall be your bankruptcy filing will be part of the public record.
Now each side has been heard from and the Pros and Cons are stacked up, in favor and against. So, which side wins? What are we able to conclude? Is filing bankruptcy more good than bad or more bad than good?
The response definitely seems to be "Yes" to both questions! Filing bankruptcy is a blend of both good and bad. On one hand you get a fresh start financially, but the other hand involves some pain. The ultimate decision is really yours and sitting down with an attorney to discuss specific strategies is a smart move.
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