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The “upside” of bankruptcy
I met with a woman last week who was recently divorced.  As a result, she was having financial troubles – she was having a hard time adjusting to her new life. As we were discussing her options, she asked me if there was anything good about going bankrupt.
It’s true that there are negative aspects to filing for bankruptcy. If you’re considering bankruptcy, you may be experiencing anxiety or fear about your financial situation. You’re worried about how you’re going to make the next payment, how you’re going to stop creditors from calling you every day, and how you’re going to stop or avoid wage garnishment.
You may also feel embarrassed – you feel that you should be in control of your finances, and right now you’re not certain that you are.
Believe it or not, but bankruptcy should deal with all of these concerns. Bankruptcy laws were established by the federal government to help an unfortunate, but honest person that is in financial difficulty get out of their situation by relieving them of their unsecured debts.
If you find yourself swamped by monthly payments; if your wages are being garnisheed; if you are being hounded by creditors calling you at home and at work, then bankruptcy may work as a lifesaver for you.
Filing bankruptcy lets you take control of an out-of-control situation. When you file for bankruptcy, you are no longer required to make payments towards your unsecured debts and you are only responsible for the terms of the bankruptcy as set out by your trustee.
Filing bankruptcy will make you feel better about your situation. By deciding to file, you are making a commitment to fix the problem. By handling the problem (instead of letting it fester), you’ll feel better because you’re back in control.
It is a common misconception that bankruptcies are bad. True, the events leading up to filing bankruptcy are unpleasant, but there are times when filing bankruptcy can be the best solution for your financial difficulties.
If you are in financial trouble, bankruptcy may or may not be the right solution for you. Call me at 310-PLAN to discuss your options or email me any questions you may have. Right now it might feel like there is no end to the trouble you’re in, but in truth, hope and a better financial future could be right around the corner.
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