Beyond the legal and environmental consequences, removing the catalytic converter can also damage your engine. The catalytic converter plays a role in engine backpressure, and removing it can lead to increased engine stress and potential damage in the long run. The sound of the exhaust will also be significantly louder and more obnoxious.
If you're having issues with your catalytic converter, it's best to have it repaired or replaced by a qualified mechanic. While it might seem like a cheaper solution to remove it, the long-term costs and risks far outweigh any perceived savings.