Does declare bankrupsy really protect personal finances?What are the pros and cons of it?

Question by veronica.tung: Does declare bankrupsy really protect personal finances?What are the pros and cons of it?



Best answer:
Answer by dylansmom25what do you mean does it protect personal finances?
the pros of it are it wipes out all your debt, anything you include in your bankruptcy you are under no obligation to pay or to talk to lenders after you've filed.
the cons are it does affect your credit. you will have high risk interest until you reestablish yourself and show them( the new lenders) you can and will make your monthly payments on time... after the first or second loan you should be good.in my situation the pros outweighed the cons.. I filed 7 years ago.

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