Nobody predicts they’ll need to file for bankruptcy one day. Most people view bankruptcy as a last resort and assume their circumstances will keep them immune to something that drastic. Unfortunately, it’s impossible to predict how everything will go in life, especially financially, and ultimately, nobody is immune to bankruptcy. No matter how careful you might be with your finances, there is always a chance you could one day reach the point of needing bankruptcy.
Fortunately, if you find yourself in an unexpected position and need to file, it’s not as bad as you might have imagined. A great deal of good can come from bankruptcy, and for many, it was the single greatest tool to get their finances – and their lives – back on track. What are some of the best things that can come from not being immune to bankruptcy?
Clean Financial Slate
In many ways, bankruptcy will clear your financial slate. Obviously, your credit report will show your bankruptcy, but it will be an umbrella over all the other problems a credit report can reveal.
Instead of endless information reported to the credit bureau by creditors and debt collectors, your credit report will feature a single action you took to make things better. You’ll no longer have debt hanging over you, nor will the complaints against you continue to pile up.
Bankruptcy is a sweeping action that allows you to start fresh.
Stops Creditor Harassment
The endless calls from collectors is one of the most common things that lead people to file for bankruptcy. Not only are the calls embarrassing, they can interfere with all aspects of your life. Talk to the average person dealing with financial challenges that include creditor harassment and they’ll tell you they don’t sleep very well at night.
Though there are limits as to how far a debt collector can go to collect on a debt, this doesn’t make their actions within the letter of the law any less stress-inducing. Filing for bankruptcy puts an end to this by creating something called an automatic stay.
Provides Relief and Helps You Look Forward to the Future
The bankruptcy process is not one most people embrace with open arms, but most admit they do not regret filing.
When you emerge from bankruptcy you’ll have a new lease on your financial life and no longer feel the weight of the debts that are currently weighing you down. You’ll regain control of your finances once you are released from bankruptcy and you’ll be able to apply your newly learned financial skills to your situation. It truly is a fresh start that will help you establish a brighter financial future.
If you’ve recently learned you aren’t immune to the financial struggles that can lead to bankruptcy, we can help. Contact the law office of Frank J. LaPerch, PC at 845.942.5500 for more information or to schedule a consultation to discuss your options.