But while you may want to consider bankruptcy, it is also not necessarily the best solution.
When you find yourself in a lot of debt, it’s not uncommon to be overwhelmed.
Debt is frightening and causes a lot of financial stress and pressure.
While the best thing you can do is try to build your way out of debt, some people find that their debt is insurmountable. Weaknesses of Bankruptcy Bankruptcy is a valuable tool.
It helps those that cannot live under their current debt find a solution that allows them to live a better life.
You will have to deal with courts, an attorney, and more.
That can be very stressful – and in some cases almost as stressful as the debt itself. That may not be possible in your current financial situation.
Finally, you will not necessarily have time to liquidate your assets in a way that maximizes the cash you get back for them.
While no one wants to file for bankruptcy once, let alone twice, if you do file for bankruptcy it may be several years before you are allowed to file again.
That takes away the one place you can turn to if your financial situation becomes unstable.