| Filing bankruptcy should be a last
resort if you have borrowed money and have absolutely no way or repaying
it. Filing for bankruptcy will have a negative effect on your credit
history for 10 years or longer and may also adversely impacts your
quality of life. Although bankruptcy has a bad stigma and is publicly
advertised, it should always be considered when dealing with individual
insolvency cases.
Please note that if your are ever faced with the prospect of bankruptcy
you should look at alternatives as soon as possible such as the
Individual Voluntary Arrangement procedure (IVA).
Pros:
Legal protection from creditors
Takes care of most of your debt
You may get to keep your home
May stop financial ruin
Enables a fresh start |
Cons:
Bad Credit
Still have to pay some debt
Have to go to court
May loose your assets
Loss of privacy |
If you would like to find out more about our alternative debt solutions
then please click here
|
