Many debtors facing overwhelming debt and financial issues such as foreclosure, creditor law suits and wage garnishments are often pleasantly surprised by the transformative power of bankruptcy. Because bankruptcy requires debtors to list all of their debts, secured, unsecured, family/friend loans and their income and expenses, the process allows debtors to get a clear unprejudiced look at their financial situation. By looking at their financial situation objectively, they can see what mistakes were/are being made and correct them. They can also take a look at their long-term financial goals and figure out what they need to do to get there.
Many debtors filing for bankruptcy are forced to important questions such as:
- Can I really afford this lifestyle on my current salary?
- Do I really need to own a late-model car with all the required monthly payments and insurance?
- Is living in an expensive subdivision (with the accompanying high taxes) contributing to my long-term financial goals, health and well-being?
After bankruptcy many debtors drastically improve their financial literacy and by extension improve their financial lives. Find out how bankruptcy can transform your financial life; contact a Dallas-Fort Worth bankruptcy attorney for more information.