How to start over
There comes a time in your life when you will need to make some life altering decisions. The notion of starting over in life can be commonly perceived as hitting rock bottom, but I would like to offer an alternative way of looking at what it means to truly starting over.
When is the best time to start over? How do I start over? Do I need to start over? What are ways I can start over? These and other questions might seem trivial, but they are very real and very practical questions to ask. The important thing to consider is that you are not alone in this process. Although bankruptcy might have a negative connotation, and it is an unfortunate situation to be in, it can actually be a blessing in disguise when you view it from a glass half full perspective.
Bankruptcy can be the fresh start you’re looking for
As we already know, declaring bankruptcy is the result of having too much debt owed to creditors and lenders. There are enough websites and articles that speak to the disadvantages of bankruptcy, which is something to be aware of. But that is not the direction we want to take article. Rather than harping on the disadvantages I’d like to explore the different ways to start over in life and how you can get back on your feet.
It must be noted, however, that the goal of encouraging a positive perspective despite the reality of bankruptcy is to help people who really need a new start. I understand that there are people who take advantage of the system and run up their credit cards then file for bankruptcy despite their frivolous spending. This is NOT for those with that type of irresponsible spending habits. My hope is that the folks who have fallen on hard times such as an injury, death in the family, divorce, illness, etc…these folks are given the relief they need and can be given a fresh start to begin over again with a clean slate.
According to legalmatch we see 4 very specific advantages to bankruptcy:
- Filing for bankruptcy will trigger the automatic stay, preventing creditors from taking action to collect their debts, prevent creditors from repossessing property such as cars, including calling you, suing you, or sending you letters.
- You may be able to discharge your obligation to repay any of your dischargeable debts.
- By using the bankruptcy exemptions, many debtors can go through the bankruptcy process without losing any of their property.
- While a bankruptcy filing will remain on your record for 7-10 years, because many debts can be discharged in bankruptcy, many debtors begin improving their credit rating after filing for bankruptcy.
Bankruptcy is a very emotional, complicated, and stressful process and can have serious effects on your financial life moving forward. Deciding to file is an extremely personal decision, so it must be made after much research and pondering. It’s important to review as much information as possible about what Bankruptcy entails then see if it’s a choice that will be helpful for your situation.
If you feel like you’re in need of starting over but are not sure if you should file for bankruptcy, please contact an attorney to help you assess your situation then go from there.
Give us a call and we’ll be able to help you locate an attorney in your state.
Best of luck and be relieved that there is help for you in this time of need.