If you have gotten to this point, it is important to consider the advantages and disadvantages when you file bankruptcy. In particular, one important benefit of filing bankruptcy is that the judge stops creditors from pursuing the debtor. This can give you an opportunity to devise ways to pay back the cash. A further benefit is that you may be able to safeguard certain items such as the wedding ring which means a lot to you. On the flip side one of the biggest disadvantages of current bankruptcy cases is that they affect your credit score, and you will not be getting refunds on taxes.
Also, you can look into the different types of bankruptcy available to find the one that suits your needs best. An experienced bankruptcy lawyer will aid you in selecting the best one. Chapter 13 bankruptcy is another option. The term is often called Reorganization. The ability to continue running your business while you create your repayment plan for your debt, under the supervision of the judge. A bankruptcy judge’s assistance can also help you get relief, even if the relief will only last for a few days.