Mar. 13th, 2021
If you are considering bankruptcy, it likely means you are unable to repay your debts. Declaring it means you are attempting to enter a legally-protected status that will enable you to work with your creditors to find an alternative arrangement for paying back what you owe.On the plus side, bankruptcy enables you to alter the method by which you repay your debts. Debt can often be discharged, and you will be legally protected as you repay your debts. When the process is over, you'll essentially have a clean slate and be in a position to better repay what you owe and move on with your life.However, declaring bankruptcy obviously comes with major challenges. You will lose control over your assets, which will be sold or otherwise monetized b…