What are some reasons why someone might file for personal bankruptcy? What are some things to consider before doing so?
Jan Meriss Alfonso Assistant at Ascent Law LLC Personal Bankruptcy - Why You Might File For Bankruptcy There are a variety of reasons for filing for personal bankruptcy. Overspending, for example, can result in a person wasting more money than they should. This can happen if someone is constantly on a shopping spree or goes over the family food budget. Although overspending is something you can control, other factors are uncontrollable - like illness or loss of a job. In some cases, it is necessary to file for bankruptcy because you need assistance to pay your bills. Disadvantages of filing for personal bankruptcy Filing for bankruptcy means that you will lose your assets. The court will take your property and sell it to pay your creditors. You will also lose some tax refunds. Some potential landlords and employers will ask you about your bankruptcy history. Also, some non-dischargeable debts can't be discharged, such as student loans and alimony. In addition, some security clear...