Positive Aspects of Bankruptcy
Bankruptcy has the ability to solve a bevy of financial problems but it is often associated with negative thoughts and reactions. When the prospect of filing bankruptcy appears on the horizon, it is easy to only see the negative. If you have determined that bankruptcy is your only way out, it is important to focus on the positive impacts that bankruptcy can have on your life. Remember, the night is always darkest just before the dawn and there are many positive aspects of bankruptcy protection.
Yes, there are negatives to Bankruptcy
Filing for Bankruptcy protection will often stay on your credit report for a minimum of 7 years and may hang around for as long as 10 years. There is also the very real possibility that bankruptcy could make it more difficult and expensive to finance a car or a home for a few years. It likely also will be difficult to get unsecured lines of credit like personal loans and credit cards for a time after your bankruptcy. Some people also feel embarrassed for having filed bankruptcy and many put it off because they feel shame by having to resort to bankruptcy. Let me remind you though, if you find that bankruptcy is your only way out, you should not wait to file. There are many circumstances where bankruptcy isn’t appropriate for you and your situation but until you contact a competent Newnan, Georgia Bankruptcy Attorney, you won’t have the right information to make your decision.
But there are also many positive aspects of Bankruptcy
First things first, filing for bankruptcy will allow you to discharge your debts if you follow the bankruptcy plan. In the majority of situations, you will also be able to retain most of your property if you want to keep it. Once you have eliminated your debt you will be free to chart your new financial future in your own way. A lot of people learn significant life lessons from the bankruptcy process and it allows you to adjust your priorities in the least painful way possible. Bankruptcy also allows you to stop collections action through the Automatic Stay. This keeps creditors from harassing you over unpaid debts and allows you to devise a plan to tackle your debts and re-organize your life around your new financial reality. There is even the possibility that you could improve your credit score by filing for bankruptcy. In the end, perhaps the most positive aspects of bankruptcy is peace of mind and knowing your finances are getting back on track and you’re able to successfully plan for your goals and your future. Filing bankruptcy puts you back in control of you life and protects you from the actions of unscrupulous creditors.