Considering Filing for Bankruptcy? What Are The Pros and Cons?

When it comes down to filing for bankruptcy, there are many options to consider…

When it comes down to filing for bankruptcy, there are many options to consider, both good and bad. Here are a few of the things you should consider when faced with financial instability and whether or not it is the right option for you.

Some of the pros of filing for bankruptcy may include the following:

• A reduction in debt for those in significant financial crisis
• Once you file with a lawyer, it will stop any nagging collection agency calls
• Temporarily halts home foreclosure, repossession of your car or any wage garnishments

Some of the cons of filing for bankruptcy may include the following:

• It can stay on your credit record for at least 10 years and affect future loans by either being denied or having very high interest rates
• It will be on public record for all to see