Declaring Personal Bankruptcy - What Are the Pros and Cons of Filing For Bankruptcy?

There is a lot of talk of declaring personal bankruptcy at the moment, largely to the global recession causing a surge in the number of financial problems amongst Americans and thus a surge in the number of bankruptcies. But should you really file when you think you have problems you cannot solve any other way.

The first thing to consider when considering the possibility of declaring personal bankruptcy is that you are a candidate for this if you are in a position where you simply have no money. A good way of gauging whether or not you might be a suitable candidate is to also ask yourself whether or not you could feasibly pay off your existing outstanding debts within three years while still maintaining a reasonable standard of living. If the answer to that question is no, then you should be seriously thinking about declaring personal bankruptcy.

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If you are in a position where you have lost your income, thus have no income with which to pay debts, you should absolutely talk to a bankruptcy attorney too.

If you believe yourself to be in a position where declaring personal bankruptcy is not only the right thing for you, but is simply the only thing you could possibly do, then you should consider the consequences, absolutely. You should be aware of the effect it will have on your credit and potentially on your reputation, yes. But you should also consider the benefits it can have for you.

For a start, the automatic stay prevents creditors from contacting you when you file, prevents wage garnishments and prevents IRS seizures too. It can also stop evictions and foreclosures.

In addition, a successful chapter 7 filing can wipe out many debts altogether leaving you with a fresh financial start.

So there are arguments for both sides you should consider before making a final decision.

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