Once the bankruptcy process is complete and you are debt free, it is not time to rest easy. Of course, filing for Chapter 7 bankruptcy will put your burdens behind you and allow you a fresh start. Your next goal is to stay on the right financial track.
If you are considering bankruptcy, you need to go into it with an open mind — and open eyes. While it can give you a fresh start if you are heavily in debt, it will not work miracles.
Personal bankruptcy filings have been increasing. According to statistics from the United States bankruptcy court, over 1.5 million people file annually. You may be considering resolving your debt problems this way, and clearly you are not alone.
There seems to be some sort of impression on the internet that bankruptcy follows some kind of lavish spending spree that got out of hand. While oppressive credit card balances can cause a great deal of strife, most consumers work hard to manage their bills. The days of cash only purchases, or the use of a checkbook on a daily basis with the regular balancing process, have given way to the use of plastic.
If you're thinking of filing for bankruptcy, don't be ashamed. Declaring bankruptcy can wipe the slate clean and give you the fresh start you need to manage your finances. Learn how you can use bankruptcy as a tool to become debt free and develop positive habits.
There are many things in life that can cause a person stress, but there are few things in modern life that can create consistent and oppressive stress like financial troubles. Whether it is caused by medical debts due to a sudden health concern, the loss of a job or many other factors, significant amounts of debt and the issues that accompany it can strain every aspect of a person’s life.