Why You Shouldn’t Fear Filing Bankruptcy

Tuesday, July 19, 2016, 6:00 AM | Leave Comment

The idea of bankruptcy is one that alarms and frightens many individuals. They feel that if they file, their lives will end in financial ruin.

While they will likely have to handle some consequences in the near future, filing for bankruptcy can actually improve their financial situation later.

  • Elimination of Debt

    A major reason to file for bankruptcy is that you can eliminate your debt. If you are feeling overwhelmed by debt law offices like The Benenati Law Firm in Orlando can help. You should also take into consideration how much money you pay toward debt each month.

    While you still need to pay off your bankruptcy, you can work out an agreement where you remit affordable sums of money each month. These payments may leave you with extra cash.

    Instead of worrying about paying for items with credit cards, you can just pay with actual money that you have.

  • Reduced Stress

    Once you have filed for bankruptcy, you can actually feel a reduction of stress. You have confessed that a problem exists, and you’re working on fixing it.

    You can have a clear sense that your issues with debt will not grow worse. Furthermore, the extra money in your pocket can reduce stress too.

    On top of that, you will not receive pestering phone calls from creditors all of the time. Instead of dealing with many separate accounts and phone calls, you are focused on one streamlined plan.

  • Visible End

    When working out the terms of your bankruptcy, you will have a defined period of time in which the bankruptcy will affect your credit scores in a negative way.

    However, you also know when it ends. Right now, you probably feel as though your debt is never going to leave, but the bankruptcy provides you with a deadline.

    After that deadline passes, you won’t necessarily be rich, but you will have the opportunity to start over again in the future.

  • Future Plans

    You can also start to look toward a brighter future for you and your family. For example, maybe your kids are in elementary school right now.

    If you file for bankruptcy now, you can increase your chances of bettering your financial situation before they go to college.

    In the event that you live in a crime-ridden area, once your bankruptcy is over, you may have the ability to afford a home in a safer neighborhood.

Filing bankruptcy does not have to be a scary and intimidating experience. In fact, once you do it, you may feel a great sense of relief.

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