No sane person would ever consider bankruptcy just for no rhyme or reason. Filing for bankruptcy is not a walk in the park and it can certainly put an emotional burden on you and your family. Bankruptcy is not just a motion that anyone can just skip by without having it affect you in some way. Filing bankruptcy can make you feel like you are lost, and you cannot help but wonder if everyone is laughing at you because you have just declared bankruptcy. While no one would wish to be bankrupt, there are definitely some advantages and disadvantages tied to bankruptcy. The benefit that people get from filing bankruptcy is that they will eliminate the debt that have been plaguing them for weeks and months. Every advantage comes with an disadvantage. While bankruptcy can give you financial relieve, it also can damage your credit history for the next 10 years.

Below is the list of advantages for filing bankruptcy:

Unsecured debt such as credit card debt is eliminated

With the issuance of the bankruptcy discharge papers, you can successfully have all your credit card debt wiped off and not have to pay a single dime.

Medical bills will be dismissed

You have unquestionably sign those waiver forms promising to pay the doctors for their consultation. Bankruptcy allows you to waive all the payments to the medical providers.

You can keep your house

With Chapter 13 bankruptcy, you would have made arrangements to pay back the mortgage lender hence be able to keep your home. Whereas if you apply chapter 7 bankruptcy, the question of whether you can keep your house is not that clear cut and dry. There is the chance that you can use bankruptcy exemption in this instance. The aim of the bankruptcy exemption is to allow you to keep the assets that you current possess.

Bankruptcy can stop house foreclosure by the mortgage lender

An "benefit" of filing bankruptcy is the automatic stay which prohibits any creditors from pursuing any legal actions against you. Effectively using automatic stay can prevent your mortgage lender from their efforts to foreclose on your house.

Bankruptcy process is usually relatively fast

The process of filing bankruptcy till the final discharge usually takes less than 3 months to complete. If you only have to wait 3 months to complete a bankruptcy petition, with the ultimate outcome of becoming debt free, it should considered a relatively easy and painless process.

In conclusion, filing bankruptcy has more "advantages" than its complement. Doesn't it makes you wonder how in the world is it possible to gain an an advantage for filing bankruptcy? On the flip side, the only drawback with bankruptcy is how it can affect your credit history for the next 10 years. But if you cannot pay for the debt, would it be better than for you to consider bankruptcy than to bury yourself in a deeper financial hole? Whether you find it advantageous or disadvantageous to apply for bankruptcy, the whole proceeding should be handled with care by a certified bankruptcy attorney. Bankruptcy should definitely not be taken lightly and therefore it is only sensible for you to seek the help of a bankruptcy attorney.