Living in difficult financial circumstances is mentally draining. It is frustrating to have to try to maneuver your finances in a way that allows you to pay your bills without getting late charges or fees when there isn’t enough money to go around.
The truth is that there are many people struggling with their finances who could be well-served by a bankruptcy. Although talking about bankruptcy is considered by some to be taboo, the reality is that a bankruptcy has many positives that could turn your finances around.
Why consider a bankruptcy when you’re unable to meet your financial responsibilities?
If you are in a position where you just don’t earn enough to cover your expenses, then it’s time to look into your options. If you’ve tried negotiating with your creditors and cutting expenses in other ways, e.g., eliminating your subscription services or not eating out at restaurants, but still can’t make ends meet, then you might be fighting a losing battle. A bankruptcy can put an end to that struggle.
A Chapter 7 bankruptcy could help you clear your debts
It’s reasonable to want to pay back what you owe, but if your circumstances have changed or your debts have become overwhelming, don’t feel bad about filing for a bankruptcy. A Chapter 7 bankruptcy liquidates some of your assets (but sometimes none, thanks to exemptions) to repay what you owe creditors. After those assets are sold, any remaining debts are discharged. You could save thousands of dollars with a bankruptcy, and you could take years off any plan to repay your debts you may have had.
Our website has more information about repaying debt and how you can get your finances back in order soon.