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Filing Bankruptcy Is Not A Mark Of Shame

February 15, 2012 | Comments: 0 | Views: 136

Many Americans these days that are experiencing financial difficulties and are seriously considering filing bankruptcy should seek consultation with a bankruptcy attorney. They can then factor in all of their options, weighing the advantages and disadvantages that come with filing bankruptcy. The most obvious and common reason that individuals file bankruptcy is to gain a fresh financial start. Filing a Chapter 7 bankruptcy will wipe out all of an individual's unsecured debts, allowing them a chance to start over.

As with many good things, there is some bad as well. For many people, one of the most difficult parts of filing bankruptcy is the psychological effects it has on the debtor. Many people see filing bankruptcy as a failure and a mark of shame. Plus many debtors have a tough time knowing that all of their credit cards will be shut off and cancelled, even if they do not owe a balance on a card, due to the bankruptcy filing. Debtors feel that they have lost their financial freedom, not taking into account that the crushing debt they are saddled with is what is ultimately taking away their financial freedom and literally sucking the life out of them. After filing bankruptcy most debtors overcome the emotional effects quickly, and experience a huge sense of relief knowing that they will soon be debt free or close to it.

Once the individual receives their bankruptcy discharge they will discover that they will soon start to receive offers for credit again. The debtor will be eligible for a secured credit card usually within months of their discharge from number of cars issuers. With a secured card the individual would deposit an agreed upon amount of money into an account and they will receive a major credit card that is secured by the deposited money. As the debtor makes their scheduled payments over the coming months, their credit limit will be increased at regular intervals. The debtor must be diligent to always make their payments on time to show they are responsible and their credit worthiness will be rewarded. More offers for credit will flow in and the debtor will be eligible for an auto loan or home loan within the near future. Filing bankruptcy is not meant to be a punishment, but on the contrary, a means of gaining a fresh start at financial freedom and responsibility.

The author started DebtFreeBankruptcyAttorney.Com which is a website that helps individuals with debt problems by putting them in touch with a local bankruptcy attorney that specializes in filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy. Check our website for more answers to bankruptcy questions and ideas on how to have a debt free future.

Source: EzineArticles
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