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Full disclosure is required from all debtors, and in all fairness
should also be demanded by all people before filing bankruptcy. The pros
and cons of filing bankruptcy weigh heavily upon most people poised to
take such an important legal step. In the best light, filing ends
pointless struggle against overwhelming odds, and begins a steady road
to financial recovery.
Yet the costs, duties, and long term effect of filing persist for
years. Far more than attorney fees, the true cost of filing bankruptcy
includes the stigma attached to employment opportunities, credit
availability, insurance premiums, and a host of related financial
issues. In the end, all perceived pros and cons are personal, and if
acceptable, discharge of all debts is available mere pennies on the
dollar.
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