Although bankruptcy can have a negative connotation, it is often a viable solution for those who are facing thousands of dollars of debt and are struggling to stay afloat financially. Experts recommend considering bankruptcy when all other options have been exhausted for a way to regain control of your finances and have a new beginning.
Protect Your Career
In some cases, unpaid debt that is related to child support or an auto accident can lead to having a suspended license, which can ultimately threaten employment. By filing for bankruptcy, the license is immediately protected to allow transportation to a job.
Not only does debt wreck both emotional and physical havoc due to the unrelenting stress involved, but it can even lead to suicide for many people. Suicidal tendencies are common for those with debt as a way of thinking that it’s the only way out. Debt can even be caused by a preexisting medical issue that racked up thousands of dollars in debt, making it difficult to heal and improve due to the looming financial situation.
Peace of Mind
With the constant stream of phone calls from collectors throughout the day, it can be difficult to have peace of mind and a moment of silence with debt. Filing for bankruptcy offers the chance to have freedom from collectors and have an end to the harassment that is often involved. Instead of waiting several decades to regain your freedom once the debts are paid, filing for bankruptcy can offer emotional stability after consulting with a bankruptcy attorney.
Couples who argue about money or debt at least once a month increase their risk of divorce by 40 percent. When debt can easily take a lifetime to repay, it can dissolve a marriage and make it difficult to maintain emotional well-being. Filing for bankruptcy can work to improve a marriage and make it possible to regain a healthy partnership.
For many people, foreclosure is a reality due to the amount of late payments on a mortgage, which can be caused by unemployment. By filing for bankruptcy, it guarantees protection of both property and assets, according to Law Offices of Richard D. Palmer, a bankruptcy attorney in Columbus Ohio.
Bankruptcy is a realistic option that must be weighed for each individual person for debt-relief that can be impossible to repay. It does not only offer the opportunity to regain financial stability, but can lead to improved health, a stronger marriage, and emotional well-being.