What are the "pros" and "cons" for going bankrupt?

Well I would say that the pros are getting out from under the debt that you cant afford, but you should only do it once you have explored all of your options. The cons of it is that you will not be able to get a good rate on anything that you buy for a long time and personal loans are not gonna happen for a long time. Make sure that you start rebuilding your credit as soon as you can and reaserch which chapter you want to file before you do it there is chapter 7 and 13

2006-06-28 11:27:47 · answer #1 · answered by quincie1975 2 · 0⤊ 1⤋

Going Bankrupt Pros And Cons

2016-11-05 00:22:25 · answer #2 · answered by ? 4 · 0⤊ 0⤋

There are no real pro's, you go bankrupt when you have to. If you can not pay anything anymore and your health is suffering then it might be time. If you do though, you will not have a credit card or a loan for 7 years. You can get a secured card (where the company holds something like $400 of yours as the deposit and then you use it like normal). Incharge.org is a good place to start and that will only ding you for 3 years max

2006-06-28 11:23:49 · answer #3 · answered by Brian 3 · 0⤊ 0⤋

I'm going through it right now, I'd say the pros are that you get rid of a lot of debt that you can't catch up on. The cons are that you will have a hard time rebuilding credit until it comes off your record in 7 yrs. :) It's not nearly as bad as I thought it would be though and I'm glad I did it. FYI, that's a common misconception that you cannot get a credit card or refinance your home for 7 yrs. You actually get MORE offers b/c they know that you can't file again for 7 years.

2006-06-28 11:24:27 · answer #4 · answered by kb 2 · 1⤊ 0⤋

I will start with the cons
1. credit is gone, and takes several years to reestablish.
2. once the bankruptcy is discharged, the credit cards, and auto finance companies will be sending offers out the wazoo to get you suckered right back into the credit trap.
3.The laws have changed on filing requirements, such as having to get credit counciling and bigger requirements lawyers have to do to get the bankruptcy discharged.
Pros
1. Depending on what chapter you go with , new lease on life, and opportunity to reesablish the credit that has now been taken away.
2. Opportunity to pay cash and save money instead of just charging or borowing on your purchases.
3. New look at how you take care of finances and your credit.

2006-06-28 11:55:54 · answer #5 · answered by Ralph H 2 · 0⤊ 0⤋

the pros are that you only have to pay one bill .and them nagging collectors want be calling you any more .the cons are that you can't get credit from any one at this time that your on bankruptcy you can't by a car a house nothing .

2006-06-28 11:26:45 · answer #6 · answered by idontkno 7 · 0⤊ 0⤋

For an individual or for a business? If individual, is it a Chapter 7 bankruptcy or a Chapter 13 bankruptcy? If business, is it a Chapter 7 bankruptcy or a Chapter 11 bankruptcy?

2006-06-28 11:26:17 · answer #7 · answered by NC 7 · 0⤊ 0⤋

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RE:
What are the "pros" and "cons" for going bankrupt?
What are the "pros" and "cons" for going bankrupt?

2015-08-08 14:32:23 · answer #8 · answered by Anonymous · 0⤊ 0⤋

Con is that you will have no money to buy things you want.
Pro is that you can mooch off the government for a while.

2006-06-28 11:23:57 · answer #9 · answered by Anonymous · 0⤊ 1⤋

That would depend on what chapter you are filing...7, 11, 13? There are many of types of BK ...you would have to be more specific....

2006-06-28 11:25:29 · answer #10 · answered by feisty_1_772000 2 · 0⤊ 0⤋

What are the "pros" and "cons" for going bankrupt?

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