The advantages and disadvantages of bankruptcy | Financial Crossing

Bankruptcy may seem a daunting prospect, but consider the advantages and disadvantages and we can conclude that there is a quick and painless.

But the key is the right advice from an expert before taking any action taken.

Advantages and disadvantages

Some of the advantages of becoming bankrupt are:
Creditors have no reason to reach you.
You can make a fresh start after just one year, maybe less.
Except for some narrowSituations that every penny that I owe is written off.
You must have a reasonable amount to live.
If you have luxury items, you are entitled to keep your assets
You can use a bank account.
You can new and has no debt to begin.
They do not make any further payments have been agreed with anyone, except perhaps a sum, with the liquidator or trustee in bankruptcy for more than 3 years
You can your home when you can pay the trustee for all actions. If unfairnessYou can switch back to you for a ? 1.

Some of the disadvantages of bankruptcy are:
It will cost money up front to pay court costs
While bankrupt you can not apply for credit over ? 500, without the advice of the race is in bankruptcy.
Luxury items will be removed and sold by the trustee in bankruptcy, although not all those who have found these items again.
Your home may be sold if they have equity and justice that can not be bought. Haveup to three years of the deal with equity. Today most houses are little or no equity at all.
If you are a business executive was forced to resign.
Its credit rating is damaged.
Complaints about the CSA and the student loans can not be turned off.

You can not be a director of a limited liability company.

The advantages and disadvantages of bankruptcy

Source: http://www.financialcrossing.com/the-advantages-and-disadvantages-of-bankruptcy/

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