Author Box
Articles Categories
All Categories
Articles Resources

Filing Bankruptcy to Relieve Stress From Mounting Debt

April 16, 2012 | Comments: 0 | Views: 139

People that are overwhelmed with massive debt are usually under tremendous stress. So why is it that people tend to struggle with the decision to file bankruptcy often for many months or even years before taking action? Many individuals feel that filing bankruptcy is a mark of shame and a failure on their part. Most people genuinely want to do the right thing and pay their debts back. When they finally realize that they are unable to repay their debt, they tend to beat themselves up and really take it personally. The stress and emotional turmoil that these individuals are under can be detrimental not only to their personal relationships with family and friends, but it can be damaging to their own health as well.

There is no question that filing for bankruptcy can be a very emotional decision, but the decision to bury one's head in the sand and avoid the obvious problem is even worse. Dealing with aggressive debt collectors constantly calling and making threats is no way to live. The fear of impending lawsuits, judgments, wage garnishments, or foreclosure can be physically and mentally exhausting. The creditors intimidate people into making payments even when they can't afford it by telling the debtor that they will never receive credit again, their credit will be ruined if they file bankruptcy, or that they are a bad person that is just trying to get out of paying their bills. None of this is true. First of all, debtors will receive offers for credit usually within months of receiving their bankruptcy discharge. With careful budgeting and rebuilding their credit, debtors will be able to purchase a car or a home post bankruptcy. Next, bankruptcy does stay on one's credit report for up to 10 years, however, usually by the time an individual is considering a bankruptcy filing their credit is already shot due to numerous late and missed payments. With a little financial planning the individual can rebuild a solid credit history post bankruptcy filing. Lastly, most people that file for bankruptcy are not trying to get out of their financial obligations by filing bankruptcy. Most people that file bankruptcy have experienced a job loss, divorce, major medical problem or illness, or some other unexpected circumstance that threw them into a financial tailspin. The bottom line is, if someone is experiencing undue stress or medical problems due to their mounting debt, they should seek a consultation with an experienced bankruptcy attorney to determine if filing bankruptcy is right for them. Why wait to get back on the road to physical and mental health as well as financial recovery when there is a feasible way out.

The author is a professional that formed FilingBankruptcyNow.Com which provides information for debtors considering filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy and helps individuals stop foreclosure and eliminate their debt by putting them in touch with a local bankruptcy attorney.

Source: EzineArticles
Was this Helpful ?

 
0
 
0
 
Rate this Article
 vote(s)
Feedback
Print
Re-Publish

Article Tags:

Filing Bankruptcy

,

File Bankruptcy

,

Post Bankruptcy

,

Bankruptcy Filing

,

Bankruptcy

,

Foreclosure

The 3 Month Payday Loans is most suitable options for the people who do not possess assets. There are a variety of loan options for the people who are willing to pledge assets against the cash

By: Cameron white l Finance > Personal Finance l July 09, 2013 lViews: 560

For many people, bankruptcy can make their world fall apart. The apparent loss of reputation coupled with the inability to take financial decisions can deter anyone from thinking clearly. But all is

By: noragwilt l Finance > Bankruptcy Lawyers l November 18, 2012 lViews: 303

If you are availing payday loans with monthly payments, it is easy for you to obtain quick money from online lending companies.By getting the best deals of loan, you can save money in terms of

By: Malen Cheks l Finance > Loans l November 16, 2012 lViews: 289

Loans online have become the popular source of income and people can make smart decision of taking it.Now, don’t go anywhere and sit in your home silently. Such deals would bring you money without

By: Marsh Jone l Finance > Loans l November 13, 2012 lViews: 288

Loans for the unemployed would let you feel comfortable with your unstable conditions due to jobless period.If you compare the rates of a few lenders, you would definitely get the suitable lender to

By: kelse roy l Finance > Loans l November 13, 2012 lViews: 467

By taking cash advance for bad credit, it is easy for you to improve your credit status. This loan is useful to relieve financial stress. This loan is totally free from credit verification and

By: Honard Nork l Finance > Loans l November 09, 2012 lViews: 300

Many people that are considering filing bankruptcy typically look at every alternative in an effort to avoid the process. There is so much bad press out there on the damage it does to one's credit

By: Lisa Michelle Jonesl Finance > Bankruptcy Personall June 11, 2012 lViews: 177

Lately, the topic of filing bankruptcy has become commonplace in social circles. Everyone, rich or poor, probably has someone in their neighborhood that is filing bankruptcy and facing foreclosure.

By: Bob P Jonesl Finance > Bankruptcy Personall May 29, 2012 lViews: 172

Recently, the student loan crisis has made its way to the front and center of the media. Currently, the student loan debt in the United States has surpassed an incredible $1 trillion and with no end

By: Bob P Jonesl Finance > Bankruptcy Personall May 24, 2012 lViews: 163

If you are currently bankrupt we explain what happens if you receive an inheritance payment from a will or trust. As a bankrupt person, if you receive any kind of windfall, this money must be paid to

By: James Fallal Finance > Bankruptcy Personall May 24, 2012 lViews: 242

Ever since the economy turned south back in 2008, many Americans are facing severe financial woes. Many of these usually hard-working folks are now unemployed or have had to settle for a lower form

By: Bob P Jonesl Finance > Bankruptcy Personall May 24, 2012 lViews: 173

Bankruptcy isn't just caused by excessive shopping. Three of the biggest reasons Americans are filing bankruptcy are medical debt, job loss and unexpected expenses due to an act of nature.

By: Chris A. Harmenl Finance > Bankruptcy Personall May 21, 2012 lViews: 183

Many people that are considering filing bankruptcy typically look at every alternative in an effort to avoid the process. There is so much bad press out there on the damage it does to one's credit

By: Lisa Michelle Jonesl Finance > Bankruptcy Personall June 11, 2012 lViews: 177

In today's tough economic climate many people are being forced to have an education about filing bankruptcy. For some, it's because they need to file for bankruptcy to eliminate debt and for others

By: Lisa Michelle Jonesl Finance > Bankruptcy Personall May 18, 2012 lViews: 168

Over the last 10 years, there has been a new bubble being created right under our noses. As Americans, we put a higher priority on getting an education and along with that come student loan debt.

By: Lisa Michelle Jonesl Finance > Bankruptcy Personall May 09, 2012 lViews: 164

As Americans continue to struggle with a difficult economy, many people are turning to filing bankruptcy as a way out of overwhelming debt. Prior to 2005 and the bankruptcy code changes most people

By: Lisa Michelle Jonesl Finance > Bankruptcy Personall May 09, 2012 lViews: 147

It was recently reported that the student loan debt bubble was close to surpassing the $1 trillion mark. For people that don't know how much money 1 trillion dollars is, it's about $3000 of debt for

By: Lisa Michelle Jonesl Finance > Bankruptcy Personall April 18, 2012 lViews: 142

A large number of Americans are being forced into filing bankruptcy because of the economy. When someone faces financial distress and don't know where to turn they usually will first ask their

By: Lisa Michelle Jonesl Finance > Bankruptcy Personall April 16, 2012 lViews: 135

Discuss this Article

comments powered by Disqus