Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What are the drawbacks to declaring personal bankruptcy?

April 26, 2017Bankruptcy declaring drawbacks

0

Posted

What are the drawbacks to declaring personal bankruptcy?

1 Answer

0

Posted

The effect on your credit rating was discussed above. In addition, some individuals have a sensitivity to the stigma of bankruptcy. Keeping in mind the economic times we are currently experiencing, there is far more sympathy towards the honest debtor whose bankruptcy was brought on by circumstances beyond his control.