The Disadvantages of Bankruptcy

There are many disadvantages to keep in mind as you weigh the option of bankruptcy.

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• Loss of Privacy
  Your will be subject to a full investigation of your affairs and your financial status will be posted in the local media, alerting others to your recent bankruptcy.

• Loss of Assets
  There is a chance that you will lose your assets, including your home, inheritances, insurance settlements, and if you own a business, your employees will be terminated and your business closed.

• Closed Accounts
  Your bank accounts will be closed, as will your credit cards and anything you are leasing or buying will be returned to the owner.

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