The advantages of bankruptcy are why many people seek this as an option. Many times in the eyes of those filing, the good things outweigh the little things that are bad. But before deciding that there are so many good reasons to file, take some time and figure out what the disadvantages are as well. Remember how crucially important finding out all of this information is before making any rash decisions.
The first of the disadvantages of bankruptcy is your credit rating. Since filing means there are no longer funds available to pay off the debts, this will take a huge hit on the records of financial status. After filing, applying for loans will be much harder because lenders will not be jumping at the chance to loan to an unsafe client. However, one of the advantages of bankruptcy is there are no more worries about a lot of debt.
Many people have gotten in trouble with filing because of whom they have used to file. There are advantages of bankruptcy that comes with filing if you are doing it personally. But make sure that if having someone else file, they are not leaving all kinds of loose ends. One good thing about filing personally is it will help a person see the importance of knowledge of what they are doing. However, it is bad to file with another company if that they may not tie up all the loose ends. Many companies will end up sending the debts to collections because everything is not fully explained. Losing a home would be worse than filing for bankruptcy. The disadvantages of bankruptcy come when filing out of haste or worry. Let the Lord still be in control of all decisions. Many times people will experience the disadvantages of bankruptcy because of the amount of worry that they have.
God is good and will help anyone be able to trust Him. Let him determine if the advantages of bankruptcy will make the effort worth it. Filing can leave lenders in a bad situation with filing. They are not getting paid and being left high and dry. Is it worth it to risk moral standards to see what will happen in this in this situation? "For this cause we also, since the day we heard it, do not cease to pray for you, and to desire that ye might be filled with the knowledge of his will in all wisdom and spiritual understanding." (Colossians 1:9)
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