The impact of bankruptcy on your credit score is so significant that you won't be able to apply for another loan for approximately 7-8 years. Consider emergency situations and the student loans your children require. Bankruptcy can wreak havoc on your finances.
Another terrible disadvantage of filing for bankruptcy is that you must pay a large sum of money to employ a lawyer, and you don't even get your entire debt discharged. Most people are unaware that the court has the authority to sell your assets. They will likely come to your home and remove items that are in your name in order to sell them at auction. This is how a portion of your debt is paid off. You undoubtedly don't want that, and it's a hefty price to pay to get rid of that debt.
If you own a business, you must promptly liquidate it after declaring bankruptcy. Your employees will be fired, and your clients will go unpaid. Consider how this could affect your reputation. The fact that the court announces the bankruptcy in the newspaper means that everyone will know that you have declared bankruptcy.
What alternatives exist to bankruptcy? If you owe more than $10,000 in unsecured debt, you should consider debt settlement as an alternative. Debt settlement is a great method to eliminate a substantial portion of your debt while maintaining your good reputation and credit score. Getting rid of debt through debt settlement is relatively simple; all you need to do is engage a company to negotiate on your behalf, and you're good to go. After the conclusion of the negotiations, the remainder of your debt must be paid in installments or in full.""
" - https://www.affordablecebu.com/
