I’m considering filing for bankruptcy. What are the pros and cons?
I’m considering filing for bankruptcy. What are the pros and cons? Tim Cella used to work at several law firms There are several pros and cons for filing bankruptcy. The main reason whether you file or not will depend on your specific situation. When people think of bankruptcy, they often think of the most extreme cases—people who are in so much debt that they can never pay it off. However, bankruptcy is available to anyone who feels like they're drowning in money problems and would like to wipe their slate clean. It's an option that can save you from having to give up your house, your car, or even your job. Here are some of the biggest pros and cons of filing bankruptcy: If you've fallen behind on credit card payments or other debts, filing bankruptcy can help get you back on track by eliminating those debts permanently. If you're not sure if you want to file for Chapter 7 or Chapter 13 bankruptcy (the two most common types), consulting a licensed bankruptcy attorney...