Do a basic web search on bankruptcy and you could easily be lead to believe the entire process could chew you up and spit you out again.
Financial instructor Dave Ramsey, a former bankruptcy filer himself, makes millions in part because he markets his courses as an alternative to bankruptcy. Little surprise he emphatically tells consumers bankruptcy is emotionally devastating. Dire headlines like, “Surviving the Emotional Toll of Bankruptcy” could lead you to believe you’re in for one of the worst experiences of your life.
Even more balanced articles like “4 Tips for Conquering the Emotional Cost of Bankruptcy” assume there must be some sort of heavy emotional toll when you take advantage of this legal process.
Of course, let’s not forget many creditors spend hundreds of thousands of dollars in advertising with top publications. They don’t want people to get bankruptcy relief. They want to squeeze every last dime out of every last debtor they can.
So they don’t want you to know bankruptcy can leave you better off than ever before, both financially and emotionally. Beginning the process can be a huge emotional relief.
Here are some points to consider as you consider whether bankruptcy is the right choice for you.
Financial advisers say it can be a lifesaver.
For example, highly respected financial adviser Suze Orman says turning around, facing your financial situation, and declaring bankruptcy if you need to is the wise thing to do.
Which is more stressful? Losing your home or opening a court case to save it? Losing your car or admitting your car payment is way too high, and getting some help? Getting sued or stopping lawsuits in their tracks?
Debt, not bankruptcy, causes the highest emotional toll and puts you at the greatest risk for mental health problems.
Mental health is three times more likely among those who have debt. How surprising is this? It’s stressful to get to the end of your month only to find you have no money. It’s excruciating to listen to the phone ring day and night while creditors harass you.
If you’re married, you may even be embroiled in constant fights with your spouse. If the issue isn’t addressed, divorce could be on the horizon.
Some highly successful people have declared bankruptcy.
Some have even done it multiple times. Business people who have gone on to become major household names don’t shy away from using every legal tool at their disposal.
They don’t worry about whether bankruptcy makes them a “failure,” because they’re not afraid of failure. Highly successful individuals see failure as just another stepping stone to success, so they don’t let it get them down. Indeed, they’re pleased when the process is complete because it means they can move on.
Bankruptcy really can improve your quality of life.
An end to collection calls. No more lawsuits on the horizon. A life which is far more secure.
And these are only the initial benefits. Imagine immediately correcting your credit score. Rearranging your life so you can live within your means. Finding peace of mind once more.
Ready to find out how bankruptcy can be a net positive in your life?
Bankruptcy is nothing to be afraid of. From the moment you step into our offices you might just feel a great weight being lifted from your shoulders.
Only you can take the first step. Reach out to us for your free consultation today, and put an end to your bad debt situation once and for all.