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Posted by Toni on Nov 16, 2015

Are There Benefits to Bankruptcy?

Are you struggling with a bad credit history? Made a few financial mistakes in your youth before you understood what financial responsibility meant?

As the cliché says, the first step into solving a problem is to realize that there is one in the first place.

A lot of people who find themselves ashamed to be at the wrong side of the credit war and refuse to admit it; they’ll refuse to answer calls from unknown numbers, they’ll skirt around the issue until they think it goes away, and they’ll wait and wait until it really is too late and the next thing you know, you’re spending the rest of your life in debt.

Nobody wants to live a life like that and so when you realize that you are in a bad place, financially, it may be beneficial for you to consider the pros of certain moves such as filing for bankruptcy. A lot of people are intimidated or frightened by the prospect of filing of bankruptcy because of how society and media has pinned the word as something like a last, horrible resort.

It is a common misconception to think that bankruptcy is synonymous with failure. Some people who have filed for bankruptcy find that their credit history became better than ever after admitting that bankruptcy was the most advisable move for their given financial situation.

It is a personal decision and there are different variables to consider. Some bankruptcy chapters, for example, are only available to people who are in particular circumstances (i.e. people are required to fulfill the means test in order to see if they are eligible for Chapter 7 Bankruptcy). If it is advisable for your given situation, filing for bankruptcy could be the best way to a fresh start in your credit history that you hadn’t thought possible.

Consult with a bankruptcy lawyer and consider your options and see if bankruptcy is the path for you!

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