The option of bankruptcy may look very viable to you when you are under acute financial strain but remember that it should be taken as a last resort though. There are many advantages and disadvantages of going for these kinds of options and especially mortgage. It is indeed very difficult for the borrower to declare bankruptcy after debt counseling because it implies that the borrower has completely failed to manage his/her own finances and has fallen in to a trap from which it is very difficult to escape and the declaration of bankruptcy might be inevitable.
Once you declare bankruptcy your future in the credit market will be completely jeopardized. In future the lenders will refuse to give any sort of credit to you because they will see a past record of bankruptcy and they will not risk their money by lending out any sum of money. You will get a bad credit rating. Though filing for bankruptcy will give you temporary relief it should be kept as the last resort.
The advantages of filing for bankruptcy are numerous. You will be saved from the harassment of the banks and other financial organization which might be putting tremendous pressure on you to repay their loans. Such situations might be very unpleasant for you and you will try and avoid such situations under any circumstances. When you file for bankruptcy you are actually getting a shield form the court which will stop the lenders from harassing you. When the procedure of bankruptcy is in progress then nobody can demand credit repayment from the subject. The subject is protected by an attorney during that period of time.
You get a chance to rebuild your credit rating after filing for bankruptcy. You may also get the chance to retain your valuable possessions like house and vehicles in case you file for bankruptcy. Once you finish off the debts the creditors are not permitted to come back to you seeking money.
During the procedure of bankruptcy you have to surrender al your credit cards so that you cannot buy anything in credit and this goes for a long time though. Money is needed for basic necessities like food, shelter and clothing.
The option of mortgage and re-mortgage are exhausted once you file for bankruptcy. All of your debts will not be exempted after you file for bankruptcy. This means that you still have to make payments and repay off your loan amounts.
The worst part of it is that your name will be kept in the court record books and your name will be published in the newspaper stating that you are bankrupt. This will be a shameful situation though.
One might even face legal penalties once the court finds irregularities in the financial dealings of that person. Proper financial management will prevent a person form getting bankrupt.
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