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sandiegoart

 

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You might want to take a look at these pros and cons of filing bankruptcy

Added: Monday, July 25th 2016 at 2:26pm by sandiegoart
 
 
 

Pros 

1.Get Immediate Debt Relief 

2.When your debt has gone to an extent that you have no option to make timely payments, bankruptcy might seem like the only viable solution to your financial situation, it is impossible to ever pay off your debts without bankruptcy relief.  

3.Bankruptcy forgives all your unsecured debt and allows you to reorganize some or all of your debts and a payment scheduled for several years. 

4.Bankruptcy avoid losing your home or vehicle 

5.You can obtain new lines of credit within one to three years of filing bankruptcy, although at a much higher interest rate. 

Cons 

1.Not all assets are exempt or protected from your creditors and your trustee. For example, in several territories, RESPs are not exempt and can be liquidated by the trustee. You should also report to the trustee unexpected benefits, such as lottery winnings and inheritances, as they are deemed to be part of the bankruptcy estate. 

2.Getting a newline of credit will be difficult after the bankruptcy. 

3.The bankrupt could lose all the assets made from the hard work of a lifetime. It will be difficult for middle aged people with established family to attain financial stability after the bankruptcy. Visit BLC San Diego portal for more.

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