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Insolvency can cause you more harm than good.

Insolvency can cause you more harm than good.
"""Have you considered declaring bankruptcy? Have you considered how this may affect your life? Do you realize that in most cases, this solution will cause you more harm than good? It may appear to be a fast fix, but you must weigh the advantages and disadvantages before proceeding.

The first thing you must realize is that it will take many years before you can even attempt to restore your credit after filing for bankruptcy. This indicates that at least seven years will pass before anyone will contemplate giving you credit. This can be extremely detrimental if, for example, you need to register for college credit for your children; it would make it nearly impossible.

Since you must employ a competent attorney to build a marketable case for you, declaring bankruptcy is not inexpensive. In 2005, the bankruptcy laws were made more stringent, making it more difficult to seek bankruptcy protection. If you lose in court, you will still owe the attorney's fees, and you may wind up in a worse position.

Unbeknownst to many, the court may order the auctioning of your property, if you have any. They could forcibly enter your home, seize your belongings, and sell them for whatever they could fetch in order to pay off creditors. This is something you should absolutely avoid. Are you willing to endure this humiliation and loss?

If you are currently self-employed and own a business, you will be required to promptly sell or close it after declaring bankruptcy. This could affect you, your employees, and your clients. This will make it very difficult to establish a new business, as you will have lost your goodwill, the most valuable intangible asset.

You should consider that if the court grants you bankruptcy, it will be made public and you will be subject to social stigma. What are your choices then? It is preferable to seek out alternative debt credit relief options first. To reduce your debt and monthly payment, you have the option of debt consolidation or debt settlement. Get a free consultation from a reputable organization that can assist you in exploring your best options. When weighed against its advantages and disadvantages, bankruptcy is not the best option.

" - https://www.affordablecebu.com/
 

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"Insolvency can cause you more harm than good." was written by Mary under the Finance / Wealth category. It has been read 238 times and generated 1 comments. The article was created on and updated on 02 June 2023.
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