Ways to Look at the Bright Side of Filing for Bankruptcy

Wednesday, June 25, 2014, 1:00 AM | Leave Comment

Hearing that you’ll need to file for bankruptcy is likely different from any other news you’ve ever received. This announcement brings you a great deal of stress and frustration. However, on the other hand, you are, in some ways, getting the opportunity to start your financial life anew.

  • Eliminating Age-Old Debt

    Over the years, you’ve watched your credit card bills continue to stack up against you. You must understand the repercussions for your credit score that bankruptcy has, but on the other hand, you are likely going to be able to eliminate this debt. You’ve probably wanted to get rid of it all for some time, and now you have the opportunity to do so. Your issues with revolving debt are eliminated since you are unlikely to qualify for any more credit cards.

  • Learning How Cash is Your Friend

    When you are in bankruptcy, you are not only unlikely to qualify for credit scores, but you are also generally unable to obtain loans either. These restrictions mean that you’ll need to learn how to live with what you have. Given this opportunity, many people are actually able to thrive. You can eliminate unnecessary purchases from your life, and you might even be able to start putting a little bit of money in the bank.

  • Keeping Your Home and Its Memories

    Depending upon how extreme your bankruptcy is, Faber Inc., Grande Prairie foreclosures professionals, notes that you may feel you are unable to keep paying your mortgage. However, you might actually be able to stop foreclosure on your house throughout Chapter 13 bankruptcy. Instead of continuing to pay the previously required amount, you can work out a new plan that provides you with affordable payments.

  • Stopping Those Aggravating Phone Calls

    Whenever the phone rings these days, you feel a sense of intense stress envelope you because you assume that it is the collections agencies again. After you have declared bankruptcy, you do not need to worry about them calling you anymore. While you still are not in a good financial situation by any means, you also won’t have a constant reminder of that fact.

Bankruptcy is not a declaration to take likely. Just because a bright side to the situation exists does not mean that you are in a good place financially. Focusing on the positives will help you to have the strength to tackle the downfalls and to work toward a better financial life in the future.

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