You undoubtedly do not believe that selling your assets to repay your debt is a good idea, and you are likely unaware that the court will force you to do so. The majority of people who file for bankruptcy believe that their debt will be miraculously eliminated without any effort on their part. However, the court has the authority to sell everything you own so long as the proceeds cover your debt. Probably, you no longer view bankruptcy as positively as you once did.
A significant disadvantage is that the attorney is expensive. Consider the time when you will be destitute and unable to obtain a loan to cover the costs of your bankruptcy proceeding if you have already experienced financial difficulties. This is an extremely poor decision.
In addition to the numerous disadvantages of bankruptcy, some individuals exploit it. Numerous individuals use it to liquidate fictitious enterprises. They simply transfer their assets to another person and apply for bankruptcy. To prevent individuals from abusing bankruptcy and harming the economy, the government has enacted stricter bankruptcy laws.
If you are disappointed that bankruptcy is no longer a viable option for you, don't be because there are numerous debt relief options that are more beneficial than bankruptcy. Debt consolidation, debt management, and debt settlement are debt relief options that will help you eliminate your debt for good and prevent you from filing for bankruptcy.
" - https://www.affordablecebu.com/