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Kane Power
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BCLAW Center

Declaring bankruptcy is distressful but, sometimes our finan

cial status give us no

choice. Declaring bankruptcy have two sides, let’s have a look at the pros and cons of

bankruptcy

.

Pros

1.Bankruptcy court can relieve you from paying a potentially unlimited

amount and number of debts.

2.Your creditors are no longer able to contact you for collection of the debt, when

you file for bankruptcy,

3.The bankrupt can gain exemption from proceedings of many of their ass

ets, it makes the process less painful and more convenient.

4.It won’t be difficult to get hold of more credit cards and consumer loans if you

are young.

5.You’ll possibly lose any realisable assets of value. They might not be sold until

immediately or not until after the discharge of the bankrupts.

Cons

1.You could lose property that you own that is not exempt from sale by the

bankruptcy trustee.

2.Declaring bankruptcy could get you public attention; your name will

be in the court records and there are chances of appearing in the newspapers.

3.You can use most of the debt relief methods only once in 5-10years and you

might not be to seek debt relief again during this period

4.It will become difficult to obtain current bank accounts, these are usu

ally somevery basic accounts offered by building societies and a limited number of banks.

Visit  http://www.blclawcenter.com for more details.

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Member Since
June 24, 2016
Gender
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Sydney, New South Wales, Australia

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