Many individuals who make the decision to file for bankruptcy fear failure and embarrassment. However, this is simply not the case, as one can gather from the bankruptcy experiences of Mark Twain, Abraham Lincoln, and Walt Disney. The decision to file for bankruptcy is not one that should be made lightly, but it is often the smartest financial decision a person with mounting debts and limited resources can make. Read on to learn the positive side of bankruptcy:
- Demonstrate Responsibility- Filing for bankruptcy takes courage. It is a prudent financial decision that allows consumers who have hit a bad stroke of luck or made a few financial missteps to have another shot at financial autonomy.
- Gain Hope for the Future- Does your stomach tighten into an unsettling knot every month when you sit down to pay your bills? Has one or more of your creditors been hounding you about why you are not making your payments in full and on time? These unpleasant and discouraging situations will cease to exist in your life as soon as your bankruptcy petition has been approved. You may have to exercise fiscal caution after your bankruptcy, but at least you will no longer have to deal with relentless creditors or stress about the mountain of debt looming over you.
- Get a Fresh Start- The effect a bankruptcy can have on reducing your stress level is dramatic. After your bankruptcy has been declared, you will either be free of your old debts or you will embark on a manageable debt repayment plan. This relief is especially pronounced if you have met with a bankruptcy attorney to help you decide whether Chapter 7 or Chapter 13 bankruptcy is the best option for your life circumstances.