Clark & Washington

Myths Debunked – Three Ways Bankruptcy Shows You Care

Are you struggling with your finances and having trouble keeping up with your bills? Do you avoid creditors because you know you can’t pay them? Have you thought about filing for bankruptcy but are concerned about the stigma that goes along with it?

If you have answered yes, it’s time to debunk those myths. There is no shame in declaring bankruptcy; instead, it demonstrates you want a fresh start in life. Here are three reasons bankruptcy is a good thing and shows how much you care.

1. Bankruptcy is Good for the Economy

When you get behind in your bills, chances are any money that you make or receive goes toward food, shelter or basic necessities. In doing this, you are no longer a productive part of society. When you file for bankruptcy, lenders leave you alone and it allows you the freedom to earn money without having to hide it. You can then start putting money back into the economy.

2. Bankruptcy is Good for Your Health

Declaring bankruptcy shows you care about yourself and your well being. When you have financial troubles, it can take a detrimental toll on your health and causes added stress to your physical body. Some of the many negative effects of stress include:

Besides having a negative effect on the physical body, stress also creates increased rates of irritability, anxiety, depression and a lack of motivation. For some, stress causes them to overeat, smoke cigarettes, drink alcohol or take drugs. These behaviors not only take a negative toll on your body, but they can be harmful to your relationships. When you take the necessary financial steps, you are lifting a heavy burden from your shoulders that will help decrease your stress levels and increase your health.

3. Bankruptcy is Good for Your Finances

Filing for bankruptcy gives you a fresh financial start and allows you to rebuild your finances so that they can become even stronger than before. Even though your credit may suffer initially, bankruptcy gives you the opportunity to build it back up again. As time passes, the initial negative effect bankruptcy has on your credit will diminish as your credit report gets filled with recent financial actions.

Do not allow the public perception of bankruptcy to keep you from filing. Clark & Washington offers free consultations to anyone in need of financial advice. Contact the attorneys today to see if bankruptcy is what you need to turn your life around.

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