For most people, bankruptcy is a necessary evil. It’s a tool used to help them get back on their feet financially, but if given a choice they would change the events that led to their bankruptcy. As helpful as bankruptcy can be, the average person views it as a negative event.
The good news is if you are considering bankruptcy, there are a few positives. Bankruptcy can help you repair your finances and change an increasingly frightening situation, but it has a few other benefits, as well.
What’s the Silver Lining in Bankruptcy?
Attitudes about bankruptcy have changed. The last decade or so has seen financial problems across the board. People who never thought they would struggle were devastated by events out of their control and because more people were forced to use bankruptcy – or came awfully close – the stigma surrounding filing has changed. You no longer need to worry about how society will view you if you choose to file for bankruptcy.
Bankruptcy relieves a lot of the stress you face now. You might be telling yourself you can handle whatever comes your way or that it’s “just money.” Unfortunately, even if you deny your stress, chances are you are still having a few sleepless nights over your financial situation. Bankruptcy puts an end to that and helps you turn the corner toward a brighter future.
Eliminates Certain Debts
For many, bankruptcy will simply wipe out their debts. Depending on your circumstances, Chapter 7 bankruptcy might be the best option or you, which means many of your debts will be discharged. Unsecured debts such as medical bills, credit card bills, and personal loans are no longer an issue after you file, and since these debts are the ones that often cause the greatest harm, this is good news.
For more information about discharging debt and what debts might be eligible.
Helps You Rebuild Credit
Rebuilding your credit after bankruptcy is not only possible, it becomes easier than had you continued to plod along trying to slowly catch up on payments. You’ve probably already noticed how quickly debt can spiral out of control. Even one or two missed payments can bloom into a mountain of debt when you add in late fees, over limit fees, and all of the various penalties that arise when you are struggling to make ends meet. Bankruptcy puts a stop on the snowball effect of debt and helps you get a handle on things faster than you would otherwise – if you ever were able to do so at all.
If you believe bankruptcy might be the right solution for you, but you are still unsure about the process or if you are ready to make a change, we can help. Bankruptcy is a tool that can make your situation better. It allows you to repair a lot of the damage you are currently facing and it returns to you some of the control you lose when you are struggling financially.
For more information or to schedule a consultation to discuss the silver linings in bankruptcy, give us a call at 813.254.5696.