Struggling with debt is frustrating and looking for solutions can be confusing. Bankruptcy is a way to eliminate debt and rebuild one’s financial life. Some people think bankruptcy is morally wrong. However, Bankruptcy has its origins from the Bible. Deuteronomy 15:1-2 states: “At the end of every seventh year you must cancel your debts.
Bankruptcy is a federal law that has existed for 200 years. Americans have the legal right to get out of debt. The best part of Bankruptcy is that allows people the ability to recover from an unforeseen financial calamity.
Here are the ten (10) reasons why filing bankruptcy is not a failure:
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You get a fresh start both financially and mentally.
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Creditors can no longer harass you with phone calls.
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You can stop a garnishment of your wages.
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You can stop a foreclosure and keep your home.
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You can keep your personal property (furniture, clothing, jewelry, car, etc.)
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You can rebuild your credit within two years; i.e., a credit score higher than 720.
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You can keep 100% of your retirement savings.
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You can qualify for a mortgage within two years under a FHA programs.
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You can buy a newer car with a low interest rate.
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Your financial problem is solved and your stress is eliminated.
No one wants to file bankruptcy. Unfortunately, overwhelming debt happens to good people. Before filing bankruptcy though, be sure to look at other options such as credit counseling and debt settlement. Bankruptcy is very powerful, but doesn’t work in all situations. Get the facts first and then make an informed decision on how to rebuild your financial life.
