Have you found yourself in an extremely difficult financial situation that you just can’t seem to dig yourself out of? Are you tired of going into a panic every time you hear a phone ring? Dealing with debt and collections can be some of the most stressful situations in anyone’s life, but that doesn’t mean there isn’t a solution. Filing for bankruptcy might seem like a dramatic solution, but in many cases it quickly becomes a lifesaver. Here are the top four reasons why you may want to consider filing today.
1. Get an Automatic Stay
The moment you start the process of filing for bankruptcy, a stay will be placed on your accounts, making it impossible to creditors or collections to continue taking action to get ahold of their debt. They will no longer be able to make threatening phone calls, send you over-the-top letters, or start the process of suing you for what they’re owed. You can start to rest easy again knowing that things will finally start looking up from here.
2. Start Rebuilding Your Credit
While it’s true that filing will ruin your credit for a while, if you’re even considering this type of solution, then the likelihood is that your credit has already taken a pretty drastic dive. Rather than spending months and months trying to dig yourself out of the credit hole, filing for bankruptcy allows you to start working to rebuild that credit score from the moment you file. Disasters happen sometimes, and this is really the best way to start reclaiming your life.
3. Lower Debts
Being able to dramatically lower what you owe, or possibly even eliminate your debts completely, can give you the peace of mind you need to get your life back together as quickly as possible. Having to constantly pay minimum payments will only lead to massive payouts in the end, but sometimes that’s all you can afford to do, if that. By filing, these debts will be looked into and possibly even completely forgotten about, allowing you to start fresh with your finances rather than feel trapped.
4. Start Building Better Skills
When you file, one of the required steps you’ll be ordered to take is financial classes. While this may seem like a burden at first, in reality these classes will offer you a great opportunity to learn new skills and ideas that will help keep you out of these financial situations in the future. Credit education will give you the tools you need to build a bright future starting today.
While filing is definitely something you want to use as a last resort, if you’ve found yourself in a debt situation you’ll never be able to dig yourself out of, no matter how hard you try, then filing for bankruptcy might just be the best possible solution for you. The many benefits it will provide you will have you feeling hopeful again for the first time in probably a very long time. Find a financial specialist near you and start your journey to a fresh financial start today.
