Bankruptcy – Advantages and Disadvantages

by Susan Jung on September 30, 2010

in Bankruptcy

Most of us go through some form of analysis when we are dealing with a life problem.  A lot of us make a list of pros and cons or advantages and disadvantages in an effort to point us towards a “best” decision.  I have seen several clients who have used the same process to assist them in assessing bankruptcy as an option.  Here are a few examples:

Advantages

  • My creditors will stop calling and threatening me
  • I will be able to afford to buy the groceries I need again
  • I will be able to afford my medications again
  • I will feel less stressed
  • I’ll be able to see a light at the end of the tunnel
  • I can get a secured credit card for emergencies after I am discharged from bankruptcy

Disadvantages

  • I won’t be able to get a lot of credit for a while
  • I have to deal with the fact that I have filed bankruptcy

Lists will vary depending on the individual and their circumstances, but in most cases, the exercise is both helpful and illuminating.  In most cases, the people who file realize that the advantages do outweigh the disadvantages even though it is a very hard decision for them to make.

If you are struggling with debt and are not sure what to do, take the time to analyze the problem – make a list of the pros and cons.  Do some research – try to understand what ALL of your options are so that you can choose the best solution for you.  Most people have heard of bankruptcy, but did you know that there is an alternative to bankruptcy called a consumer proposal?

If you determine that the status quo is simply not working for you, take the next step – call us at 310-PLAN or send us a request for a free on-line evaluation – we’d be happy to help.

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