I’m considering filing for bankruptcy. What are the pros and cons?
Jan Meriss Alfonso Assistant at Ascent Law LLC The Pros and Cons of Filing Bankruptcy There are pros and cons to filing for bankruptcy. The pros include the debt eradication it provides, which will help you reconsider your reckless spending habits and plan for a brighter future. Another benefit is that bill collectors cannot contact you for payment, which will reduce your stress. However, you must consider the time and effort it will take. Chapter 7 bankruptcy is preferable to Chapter 13 bankruptcy When filing for bankruptcy, there are some distinct advantages to Chapter 7 over Chapter 13. Chapter 7 will give you a fresh start, allowing you to discharge your debt and start over on a fresh financial footing. However, if you have too much debt to pay off in one year, you may be better off opting for Chapter 13 instead. You can get your assets back and catch up on missed mortgage payments this way. Chapter 13 is also more favorable for people who have fallen behind on their car or h...