It is quite a demeaning experience if anyone ever has to go through bankruptcy in his or her lifetime. Filing for bankruptcy takes a lot of out of a person emotionally. It can have an emotional toll on people because of the stress of feeling inadequate and feeling at loss if you are ever going to be financially sound again. While no one would wish to be bankrupt, there are definitely some advantages and disadvantages tied to bankruptcy. The benefit that people get from filing bankruptcy is that they will eliminate the debt that have been plaguing them for weeks and months. Every benefit comes with disadvantage. While bankruptcy can give you financial relieve, it also can damage your credit history for the next 10 years.
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If you are in a dire financial position, here are some of the advantages if you choose to file for bankruptcy.
Credit card debt will be discharged
With the issuance of the bankruptcy discharge papers, you can successfully have all your credit card debt wiped off and not have to pay a single dime.
Medical bills can be removed as part of the bankruptcy filing
You have undoubtedly sign those waiver forms promising to pay the doctors for their consultation. You will be freed of the medical bills that you have accrued over the years.
You can keep your home
As part of the Chapter 13 bankruptcy plea deal, you will be allowed to keep your house because you will be paying it through installment plans. With chapter 7 bankruptcy filing, you can seek to use the bankruptcy exemption clause. Through the use of bankruptcy exemption, you can potentially keep your house too.
Home foreclosure can be prevented with bankruptcy
An "advantage" of filing bankruptcy is the automatic stay which prohibits any creditors from pursuing any legal actions against you. In simpler terms, automatic stay can stop any foreclosure efforts by the mortgage lender until it is resolved in the bankruptcy court.
Bankruptcy usually does not drag past 2-3 months
The entire process of filing for bankruptcy and receiving the discharge papers should take not more than 2-3 months. If you only have to wait 3 months to complete a bankruptcy petition, with the ultimate outcome of becoming debt free, it should considered a relatively easy and painless process.
As you can see, there are many "advantages" to filing for bankruptcy shelter. It seems quite ironic that you are fighting for an benefit when you are filing for bankruptcy shelter. Many people realize the disadvantage to filing bankruptcy when the credit history is effectively ruined for the next 10 years. If you are in this dire financial hole and you simply cannot repay the numerous debt you have accumulated, why not take advantage of the bankruptcy code and wipe away your debt once and for all. If you find bankruptcy advantageous and disadvantageous in your particular situation, you should always consult a bankruptcy lawyer. Bankruptcy is no laughing matter and should be taken seriously. Use a bankruptcy lawyer to achieve a successful filing.
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