Pros
1.Bankruptcy will put an end to the stressful calls of your debit
card companies.
2.Most of your debt will be cleared and you will be able to keep
a few assets to move on your life after bankruptcy.
3.The bankruptcy law prevents your money lenders from taking aggressive steps
like confiscating your properties, home or car. If you have filed with an attorney,
the attorney will shields you by handling all inquiries from creditors.
4.Bankruptcy stops most of your wages garnishments. It does not stop the
garnishment of your wages by the Family Responsibility Office
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Cons
1.If you can’t be free
from the obligations as them being necessary for the work,
you could lose the savings of a lifetime.
2.Obtaining a credit will become a challenge for a foreseeable future. You w
ill be able to obtain credit but with high fees and interest rates.
3.If the bankrupt has rent arrears and live in rented accommodation, this co
uld putthe house at risk. If the house owner consider the liabilities are unlikely
to be paid he could commence possession action. In some tenancy agreements, it’s
made clear that undischarged bankrupts cannot be a tenants.