The Positives of Bankruptcy
It seems as though when anyone talks about bankruptcy, the negatives are always highlighted. For example, think back to the last conversation you had with a friend or family member about filing for bankruptcy. Did they focus on the positives of bankruptcy (a debt-free lifestyle, a fresh new start) - or did they immediately gasp in horror and highlight how bankruptcy permanently destroys your finances (which is not true, by the way)?
Yes, when it comes to bankruptcy, there are plenty of negatives surrounding the process. But we want to focus on here is the positive - this article will focus on the positives you'll immediately experience after declaring bankruptcy:
You'll no longer have to deal with harassing creditors . In fact, you won't have to deal with the sleepless nights that come hand-in-hand with worrying about which you'll pay for first: your credit cards, or the food you need to put on the table.
You'll finally be able to start putting your money aside to build a financial nest egg in case of emergencies - and you won't have to use plastic to bail yourself out of a financial rut again. In fact, financial experts recommend having at least $500 in the bank account, which is just enough money to pay for an unexpectedly high car repair bill or a prescription medication that wasn't covered by your health insurance.
Thanks to those legally required credit counseling classes, you'll have a new fountain of financial knowledge. You'll know how to create a realistic budget that keeps you within your income. You'll know how to make smarter spending choices. And you'll even know how to smartly apply for credit cards when the time comes.
You can answer the phone again in peace! You'll also be able to open your mailbox without encountering a barrage of bills, collection letters and demands for payment. Just think of what a load off of your shoulders that will be.
You'll have the peace of mind that comes with knowing that you won't experience bounced checks, and you'll have money to pay for your mortgage again. You won't stand sweating at the checkout line, wondering if your credit card will get refused. You won't fear logging onto your online bank account, worrying that you've once again gone over your limit.
You'll feel confident knowing that you can handle any financial emergency that's tossed your way. And that's something that money just can't buy. After the initial impact on your credit score you will begin to see it improve as all the discharged debt starts to drop off. When it comes to declaring bankruptcy, don't solely focus on all the negative hype that surrounds it - be sure to focus on the good things that will come from your new financial freedom!