What are the advantages and disadvantages of bankruptcy?
Advantages of bankruptcy
- You will be debt-free.
- You will feel much less stressed.
- You will be protected from harassment by your creditors and will have the right to stop seizures.
- You can regain control of your financial situation.
Disadvantages of bankruptcy
For six to seven years, your credit file will show that you have declared bankruptcy. During this period, you will have to prove that your financial situation is stable in order to obtain credit again.
However, over time and by adopting healthy habits, you can rebuild your credit.
Going bankrupt is a difficult decision, but it may be the best solution for you. An insolvency trustee is your best ally in advising you. Don’t hesitate to contact us if you need help.