Benefits of Filing Bankruptcy - Frank J. LaPerch, PC

The Bright Side of Bankruptcy

There’s no denying it – most people don’t aspire to bankruptcy and many unfortunately continue to live with crippling debt instead of exploring bankruptcy. Despite bankruptcy being viewed negatively by many people, there are a number of positive things that come from filing. The key to appreciating what bankruptcy has to offer is to understand the process and recognize that much of what the average person knows about bankruptcy is nothing more than a myth.

Bankruptcy offers honest people an opportunity to resolve debt that feels overwhelming. Most people who consider filing consider it a light at the end of a tunnel – a long tunnel filled with worry, regret, and annoying calls from creditors.

Bankruptcy Makes It Possible to Improve Your Life

In addition to helping you get back on track financially, bankruptcy can help you deal with all the secondary issues financial problems cause.

Are your financial worries weighing on your marriage? Are you treating your children and loved ones differently because you are distracted by money worries? Do you feel down and emotionally exhausted on a regular basis because of finances?

Bankruptcy provides a path to a brighter future in which you can really enjoy your life and be there for the people you love the most. Some people even report filing for bankruptcy saved their marriage – once things were under control and there was a path out of debt, they were able to build a better future with their spouses.

Bankruptcy Gives You a Fresh Start

Some of the benefits of bankruptcy are based on the type of bankruptcy for which you qualify. For instance, if you can file for Chapter 7 bankruptcy, you will be able to discharge your medical debt, credit card debt, personal loans, and old tax debt. Imagine living a life without these debts hanging over your head!

Though bankruptcy might be seen as a stumbling block by many, it is actually the first step in rebuilding your financial future and getting a fresh start in life. You can begin rebuilding your credit as soon as your bankruptcy is discharged. If you are concerned your financial knowledge is still lacking, bankruptcy gives you access to resources that can help you manage your finances. Your bankruptcy filing will help you create a budget, and get a firm handle on how to deal with money issues, so problems do not arise in the future.

It’s important to realize you play a role in making the best of bankruptcy. If you are the type who thinks filing for bankruptcy every time you face financial problems is a solution, bankruptcy isn’t really for you. There are even laws in place that prevent people from abusing bankruptcy. Read more about these laws in place to protect consumers and lenders here.

Bankruptcy is a tool for those who are serious for finally ending their financial struggles and moving forward with a new approach to money, and if this sounds like you, we can help.

For more information or to speak to someone about your debt and finances, contact the law office of Frank J. LaPerch, PC at 845.942.5500.

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