Chapter 7

Pros and Cons of Consumer Bankruptcy

Pros and Cons of Consumer Bankruptcy

Many people see bankruptcy as a big, scary bogeyman that will strip away all of their hard work and leave them destitute, penniless, and pathetic. This couldn't be further from the truth. While there are some downsides to bankruptcy and it isn't a pleasant experience, it is usually much better than living in constant, unending, crushing debt. Some of the pros and cons of bankruptcy are explained below.