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Some surprising benefits of a bankruptcy

| May 4, 2021 | Bankruptcy |

Bankruptcy should not be considered a turbulent and shameful experience. Pursuing bankruptcy means a new day arrives as you wipe away personal debt such as credit card bills, medical expenses, judgments and personal loans. And once that process finishes, you can expect some pleasant surprises.

Some peace of mind for starters likely will occur. To some degree, you can sit back and rest your feet on the sofa in knowing that you are on a new path and creditors will eventually stop contacting you. But, remember, this also represents an opportunity to subscribe to new commitments that will help you avoid the same financial pitfalls.

Lower stress, improved drive

Here are some of the unexpected and surprising benefits as a result of filing for bankruptcy:

  • Lower stress levels: Months of money worries fade, replaced by a greater sense of relief in knowing that you have chosen to take charge of your financial predicament and better your relationship with money.
  • The phone gradually stops ringing from debt collector calls: Debt collectors were among the sources of much of that stress. Annoying, pestering, badgering or harassing, these calls will become fewer and fewer, and may abruptly stop.
  • Gaining a drive to improve your life: In gaining another chance in managing your spending habits, you may take on the initiative to improve not just one, but many aspects of your life.
  • Peace of mind in knowing of a fresh start: With bankruptcy, you gain a fresh start not just on your finances, but on other parts of your life. Focusing on the future is a good thing as you plan your next life steps.

Better things are ahead of you once you have taken charge of your financial life. Changing certain habits and being grateful for a fresh start are among the things that result after filing for bankruptcy.