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Bankruptcy Pros and Cons

This video is brought to you courtesy of Ohio Debt Relief .org. Bankruptcy Pros and Cons Bankruptcy is generally considered to be the debt relief option of last resort. There are several types of bankruptcy: Chapter 7 (straight bankruptcy or liquidation), Chapter 13 (reorganization of debts), and Chapter 11 (debt reorganization normally used by a business or partnership). While a successful bankruptcy can provide a fresh financial start -- individuals or businesses should carefully consider bankruptcy before proceeding because of its long-term financial implications. Pros Debtors given a fresh start -- a new financial lease on life Upon filing Chapter 7 or 13, collection efforts must stop Debts discharged. Creditors forgive most unsecured debts Your home, auto, and other essentials may be protected Wages you earn after bankruptcy go to you, not creditors From bankruptcy filing to relief takes about 3-6 months. Cons Bankruptcy stays on your credit report up to 10 years Makes it difficult to obtain credit for home, auto, and more Requires forfeiture of your existing credit cards You lose property not exempt from sale by trustee Doesn't discharge student loans, tax debt, alimony Debt option of last resort that can be embarrassing