17 Nov Dealing With The Stress Of Bankruptcy
For most people, considering filing bankruptcy is extremely stressful. You are dealing with creditors calling you, lawsuits being filed against you and your credit score tanking. In addition to that, there is the stigma associated with bankruptcy. Filing bankruptcy for many people feels like they are a complete failure, it’s like they are giving up. This is why I see so many of my clients struggle for years with their finances. They think filing bankruptcy is going to be worse but that is a lie.
The entire purpose of bankruptcy is to give you a fresh start. It actually lets you move forward with your life as opposed to staying stuck. It allows people to refocus on their savings and retirement, which is crucial for financial stability. Most people liquidate their retirement savings to deal with the financial pressures. Bankruptcy gives you a chance to start rebuilding for your retirement.
In addition to helping you become debt free, bankruptcy also gives you a psychological fresh start. Most people don’t realize that there is credit after bankruptcy. For many clients, they are able to purchase a home within 12 months (in a chapter 13) and 24 months (in a chapter 7).
You can also improve our credit score drastically. Many of my clients get their credit scores back to the high 600s and low 700s within 12 months after receiving their discharge. An exercise that may help you is to write down your 3 biggest fears. After you have written them down, ask yourself why this scares you? Once that is done, simply schedule a call with your lawyer and talk through it. In almost all cases, you will find that the benefits of the bankruptcy are going to resolve those fears completely.
If you want to discuss your financial situation in more detail you can call 469-607-8552 and set up your free financial strategy session (30 minutes). Also, if you decide to hire my law firm and mention this letter, you will receive a 10% discount on your fees.