Bankruptcy is one of those things, like many things, that can be very uncomfortable when you’re going through it. No one wants to go through bankruptcy. There are times, however, when it’s an absolute necessity. Some people who go ahead and take the dive find out that their life is much better a year after the process ends. Like removing a hurtful tooth, these people endure some difficulty in order to reap the benefits down the road. Here’s how your life can improve a year after you finish the bankruptcy process.
Fewer calls from creditors
Few things are worse than having to constantly ignore calls because they’re coming from people who want money. Creditor phone calls can be extremely annoying, taking you off of your game and disrupting your home life. When you file for bankruptcy, you either work out a deal with creditors or you have the debt discharged, depending upon what type of bankruptcy you choose. Both of these options are positive, as they give you freedom and relief from the constant badgering. You will be able to pick up your phone without fear.
Freedom to spend and save
When you declare bankruptcy, you take a major step toward rebuilding your financial future. Perhaps most importantly, you get a chance to start spending your money on something other than interest and late charges. Before most people have to go through bankruptcy, they go through a significant period where they’re trying to keep up with past due bills. This means that a ton of money is being thrown away on finance and overage charges. When you go through bankruptcy, you are freed up to save some of that money and begin rebuilding.
The beauty of a new start
Bankruptcy is a means of giving you a fresh start. While you will have some consequences, including difficulty getting financial for a few years, you will have the peace of mind that comes with knowing that you are working toward something positive. By declaring bankruptcy, you are drawing a line in the sand, cutting off the past and moving toward a better future for yourself. This can be comforting for men and women who are tired of living in the difficult consequences of their prior choices.
At the end of the day, bankruptcy may be tough while you’re going through it. It’s something that’s often necessary, though. You might find that one year later, your life is much more positive.