Preparing for Life Events

Advantages and Disadvantages of Bankruptcy

Filing for bankruptcy will give you immediate relief from the collection actions of most of your creditors because of something called an automatic stay.

Advantages

• * You have to repay very little, if no money to your creditors.
  
  
• * You can start fresh.
  
  

Disadvantages

• * A bankruptcy can remain on your credit report for 7-10 years.
  
  
• * You could lose your job or prevent yourself from getting a promotion.
  
  
• * A bankruptcy on your credit report could prevent you from purchasing a home or a car.

For more information or questions please feel free to contact our Financial Resources Group at 1-800-435-1945.