Uncertain

[NattieL96]

What are the cons to filing bankruptcy??

[brokejoker]

In our case? NONE! The only con was we waited until we had run through our savings and had no other options but face lawsuits or file. lol

I guess if you had a large amount of unexemptable equity in your property a con would be having everything seized in the BK and sold to repay your creditors. Of course then you'd still have a fresh start on your life so even that's not all bad, IMO.

ETA: I know a lot of people worry about the dent their credit report will take from a bankruptcy. In our case we were so far into unsecured debt with collectors nipping at our heels, that our reports were already trashed. We are actually a better credit risk now than we were before BK. We were able to exempt our house and cars and we are able to stay and pay on them instead of reaffirming. Right now we are rebuilding our savings with no risk that a creditor will garnish our bank account, we are on time with our mortgage and car payments (something that was impossible while struggling to pay back credit cards and medical bills), and we are living withing our means on a budget. We have walked through the no birthdays, no Christmas, no "extras" hell and came out the other side much wiser! The relief from the stress alone is worth 10 years of cash only business! If cash-only was the only option. We have brand new small limit, no annual fee credit cards that we can repay as we use them so I know that in a couple of years we'll rebuild our credit rating.

BK was a renewal for us. It was not a life-ender in any way, shape, or form!

[Freddy03]

I have not filed yet but having your credit completely shot for a while is a con.

[ScaredINMich]

The credit issue seems to be the biggest thing. Also, we are giving up our house, so that add's to the time before we can get a mortgage.

Also, the stigma that goes along with it. Only our family knows that we are doing the BK, but we've told friends about losing the house (Due to our business failure), that seems okay, while the BK I still want to keep secret.

For us, the BK is a purely business decsion. It was 85% business debt, but added our personal debt since we were going this route.

It took me 3 years to be okay with this.

[frogger]

Still thinking................