Bankruptcy Pros & Cons

• Removes all debts
• No more creditor hassle
• Lasts for a period of 12 months resulting in Discharge
• Fresh start after discharge
• All your affairs will be supervised by an I.P.
• You are allowed to keep certain things, like household goods and a reasonable amount to live on

• Finances supervised by an Insolvency Practitioner for 12 months
• A possibility of an extention of time subject to bankruptcy rules
• Disposable will be determined by the I.P resulting in payment to the creditors via the I.P. to creditors
• Credit history will be effected
• If home owner possibility of losing property
• Restricted credit
• Could lose valuables
• Insurance policies could be affected or surrendered.
• Could affect your employment
• Your financial affairs become public knowledge
• It could affect any business involvement (by being a director etc)
• Possibility of an oral examination in relation to your financial affairs