Filing bankruptcy is one of the hardest decisions a person will ever have to make but more and more financially strapped people are choosing to do so in these economic troubling times. The rising cost of food, fuel, and living coupled with the declining job market and the dismal run on Wall Street and collapse of solid financial institutions has made this one of the bleakest financial eras in modern history. Not since the great depression of the 20’s and 30’s have so many people been homeless, out of work, and facing a financial future full of doubt and despair.
An individual or couple should weigh all the pros and cons before the file for bankruptcy. Even though the prospect of bankruptcy is distressing to most families and individuals, the consequences of not filing are even greater for many. A person that faces these decisions must consider the welfare of his/her family over the personal feelings of inadequacy or failure. Bankruptcy can bring some peace of mind to the financially strapped family making more money available for the essentials for life and health. Bankruptcy is not a cure all nor does it come without its price. A person or couple considering bankruptcy must weigh all the options and effects of declaring bankruptcy and the effect it will have on the whole family.
The pros and cons of bankruptcy can include the effect it will on the ability to get loans or it may affect the relationship between spouses and family but it can also afford much needed financial breathing room to make a fresh start and it may even save the family’s home.