It provides temporary relief from tension.
ENTIRE LIST OF BANKRUPTCY CONS (TEN)
You appear negligent, both professionally and personally.
Creates an impression of desperation among your peers and family.
The potential to jeopardize your marriage.
Can prevent you from purchasing anything on credit for several years (e.g., a home).
5. Can destroy your self-confidence.
6. Can demolish your confidence in your spouse.
Can place unnecessary strain and tension on your children.
8. Can induce long-term anxiety (particularly when you realize you have no money)
Forces you to promptly break your bad spending habit (this is difficult).
Still costs money (attorney fees, you may not be able to declare bankruptcy on certain items, etc.).
This brings the total to eleven, and it is evident that the cons of bankruptcy far outweigh the pros, as the lone pro on this list is counterbalanced by con number seven. These are merely a few examples of how I view the pros and cons of this awful bankruptcy tool, which many families are utilizing in a negative manner. This is unfortunate because, now that so many people have filed for bankruptcy, there are many more hoops to jump through in order to be authorized for bankruptcy, making it exceedingly difficult for those few who still need to file.
Always make bankruptcy your secondary concern. All of the very close individuals in my life who have declared bankruptcy and with whom I have spoken say they wish they had never gone through with it. They now realize that they could have done so many other things, but they were either too immature or were following the advice of uninformed individuals.
Always attempt to repay your debts by means other than bankruptcy (with the exception of theft).
" - https://www.affordablecebu.com/
