Are you broke? On the verge of filing bankruptcy? You must know these things prior to filing bankruptcy.

Pros

 

1.Your creditors are no longer able to contact you for collection of the debt, when you file for bankruptcy,  

2.You will be discharged from bankruptcy with certain exceptions and your debts will be gone.

3.Most laws allows the debtors to keep necessary things for their work.

4.The bankrupt can gain exemption from proceedings of many of their assets, it makes the process less painful and more convenient.  

5.It won’t be difficult to get hold of more credit cards and consumer loans if you are young.

6.Most collection actions by the creditors must be stopped.

 

Cons

1.The debtor might not hold positions of any pension fund or hold office of any charity.

2.S/he cannot use any other name than the one he used at the time of bankruptcy and do any kind of trade. Nor can the debtor be a company director.

3.Those who make bankruptcy must be ready to face the public attention. The names will be published on the local newspapers and it is available to the public through the Insolvency Service website.

4.The bankruptcy restrictions can last from 2-15 years and delayed if you fail to pay your debt. Visit bankruptcy law center portal for more.

bankruptcy1 (1)