Top Reason Why Filing Bankruptcy could actually be a great thing

how to make a budget plan and avoid bankruptcy

Bankruptcy is one word that no one wants to hear about. There are many social stigmas attached to the phrase “We are filing Bankruptcy”. Everybody knows that declaring bankruptcy is not at all a good thing, however there some particular times when bankruptcy comes out to be the better option than struggling under huge amounts of debt that you can never pay. The social stigma related to declaring bankruptcy has to change and to help with the cause we list some of the top reasons why declaring Bankruptcy could actually be a great thing.

  1. You can start A new

Once you have filed bankruptcy all your previous loans and mortgages are taken care of by the court, you don’t owe anything to anyone now, you are as free as a wild bird eligible to do whatever you want with your life. The best about this is that you can start your life again just like a new beginning.

  1. You can Re-claim your Home

Many people fear that they’ll lose their homes too when they file Bankruptcy, but according to the chapter 13 of the Bankruptcy law, your primary home is protected and the court will order your creditor to give back your access to your primary home.

  1. The debt will be gone forever

Obviously, the main point about bankruptcy is that the crushing weight of the debt that you might have been living with will be gone forever. All your debt will be waived, so even if the legal proceedings of bankruptcy are not any good, a major weight will be lifted off from your shoulder.

  1. No More Collection Calls

Ever thought of a life without those dreaded debt collection calls? Well after you file your bankruptcy, you’ll never ever have to deal with them. This thing will make your day so much better than what they were before. From now on no one will harass you over an unpaid debt, no one will incite a feeling of terror inside from the other side of the phone.

  1. You’ll have less stress

One of the first and foremost ways done for the betterment of one’s life is reducing stress. Once you have filed for Bankruptcy, you’ll manifolds less stressful than before. Though legal proceedings are a tough job to handle, they can never be as tough to handle as the sheer weight of debt on your shoulders. Giving yourself the much-needed break, the much-needed relief will prove to be good for you and your health in the long term.

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It’s clear that nobody voluntarily wants to file Bankruptcy, it’s in no way a good thing. But when it comes to choosing between two evils filing bankruptcy is considered a lesser evil than keeping yourself under the weight and stress of debt repayment. It’s finally up to you in how you decide to make your already stressful life better, but filing for bankruptcy is never as bad as it is portrayed.

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Mark Holland

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