The last few months may have made your financial situation bleak. You already were struggling with large debt and then you lost your job in the recent economic downturn. You have creditors calling daily and the stress is becoming overwhelming. You’ve begun considering filing bankruptcy, but you worry about how it will affect your financial future.
However, have you thought about how you can control your financial future through bankruptcy?
Getting a fresh start
One of the reasons many people seek bankruptcy debt relief is that it gives them a fresh start. First, those who file bankruptcy get an automatic stay from creditors. That means creditors can no longer harass you about making payments. An automatic stay gives you time to get your debt discharged through Chapter 7 bankruptcy or establish a payment plan through Chapter 13 bankruptcy.
If you qualify for a Chapter 7 bankruptcy, you can have most of your debt discharged. You also can complete the process in three to six months, helping you move forward in re-establishing your financial future.
Getting an education in financial management
As part of filing bankruptcy, you will be required to take a financial management course. As part of that course, you can learn about setting new financial goals and cutting your expenses after your bankruptcy. You can learn how to rebuild your credit, so you can be on better financial footing in the future.
Many of those who file for bankruptcy quickly realize that they should have sought debt relief years ago. While it will take a while to rebuild your credit, you have control in making your financial future better. You can make the most of the fresh start bankruptcy will give you and feel proud about the progress you’ve made.