* One of the top five life-altering negative events
* The ultimate irreparable damage to credit history
* Property repossession including valuable assets
* Tainted social status
* A shattered business and social life
If you do not find it enough, you can add more reasons to it including a deep impact on the individual psyche and financial stress on the bankrupt's family life.
Bankruptcy is not an easy option for most of us and we must find ways to avoid bankruptcy. You have to give away all your valuable assets if you have or even after, you are discharged it is never so easy to raise funds by borrowing loans with your high-risk customer status.
There are various ways to avoid bankruptcy. Some of the best ways to avoid bankruptcy are as follows:
* Debt consolidation: an effective and practical option that not only consolidates your various debts but also gives you a permanent solution in terms of easy low monthly instalments to avoid debt pressure;
* Individual Voluntary Arrangement to enable you to reach a compromise with your creditors and avoid the consequences of bankruptcy;
* Counselling services from many free organisations for an effective debt management;
* And the last option is to sell off everything, all your valuable assets to clear off your various debts.
* Bankruptcy, an english derivative of the Italian bonca rotta, which means a broken bench, should be the last resort for you. You can always find ways to avoid bankruptcy, and you must.