Here are some of the pros and cons of filing bankruptcy.
Pros
1.You will be no more chased by the frightening calls of your credi
t card companies
or banks.
​
2.The bankruptcy court can relieve you from paying a potentially sig
nificant
amount, if you don't owe money on the type of debts that survive ban
kruptcy.
​
3.You can avoid these harsh limitations against refiling for bankrup
tcy by observing
all court orders and court rules, and by not asking to have your ca
se dismissed
when a creditor asks for relief from the stay. Consult with an attorney pri
or to
filing for bankruptcy to avoid limiting your bankruptcy option
s in the future.
Visit blclawcenter.com.
​
Cons
1.All the financial affairs of the debtor will be scrutinised .The debtor h
as to face
criminal charges if irregularities are found in her/his financial affai
rs.
2.The bankrupt cannot practice professions like solicitor and accountant. S/h
e may
not hold public offices such as councilor, magistrate or MP.
3.Since the debtors assets will be administered by the trusty or the official receiver
they must be informed of any changes in the situations during the ban
kruptcy.
4.You have no escape from fines, child support payments and other
family court
orders.
​
5.The rights of the secured creditors are not affected by bankruptcy.
