Bankruptcy: Good Idea or Not?

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BANKRUPTCY: GOOD IDEA OR NOT?

Transcript of Bankruptcy: Good Idea or Not?

Page 2: Bankruptcy: Good Idea or Not?

Anybody who is interested in filing bankruptcy needs to consider the pros and cons, ensuring that they

make the right decision

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Be sure to compare the many pros and cons of bankruptcy, as this will allow you to make an

informed and confident decision

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Chapter 7 and Chapter 13 are most common for individuals, and each

type has its own set of pros and cons

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Are you aware of the alternatives to bankruptcy?

Before filing, consider other options such as credit counseling

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You may not be eligible for every type of bankruptcy, so you

must look into this as soon as possible

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If you don’t qualify for Chapter 7, for example, you may still be able to

file Chapter 13

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To go along with the pros and cons, you don’t want to overlook the cost

of filing

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In addition to filing fees, you will probably hire an attorney to show

you the way

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If you are worried about what others will think of you,

bankruptcy may not be the answer

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This could change the way others treat you, while also

holding you back from reaching career goals

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With the help of a bankruptcy attorney it is much easier to

determine if this is a good idea or if you should hold off for the

time being