9 Surprising Benefits of Filing Bankruptcy

Financial problems can be a nightmare. They can affect everything in your  life - relationships, physical and mental health and job performance.

When you’re living paycheck to paycheck, being harassed by creditors, and generally feeling ‘stuck’, it can be hard to see or plan for your future - It can feel like there’s no way out. It’s not shocking that many individuals considering bankruptcy believe their lives will get worse, not better, after filing.

The Law Office of Charles Kendall hopes to dispel the myths and show you the many ways in which you, and your loved ones, can benefit from filing Bankruptcy.

Creditors Will Stop Harassing You

Most people considering bankruptcy are being hounded by bill collectors day and night - even at work. There’s no doubt these calls make you cringe and add an enormous amount of stress to your life.

An instant benefit to filing bankruptcy is that those calls will end. With certain limited exceptions, Bankruptcy law requires all creditors to stop all collection measures - calls, home visits, wage garnishments and any measure that attempts to collect a debt from you. You’ll no longer be harassed.

Possible Credit Score Increases

While the filing of a bankruptcy will hurt your credit score when you file, many clients are surprised at how quickly their credit score improves after the filing of the bankruptcy. With diligent work on rebuilding their credit, many individuals are able to obtain a home mortgage or an auto loan just a few years after filing.

If you choose not to file a bankruptcy, as long as you fail to address your debt, your credit score will either be stuck or continue to sink. Once you file a bankruptcy, you can focus on regaining control over your

credit score and financial future rather than being controlled by it.

Create a Savings

When you’re considering Bankruptcy, you’re likely unable to set aside funds for you or your family's future.

After the filing of the Bankruptcy, when your dis-chargeable unsecured debt is erased, you’ll likely have the funds available to define a well balanced budget with room to save for the things that matter most to you.

Relationships Improve - Less Fighting at Home

When your financial needs aren’t met, it becomes very difficult to focus on other areas of life - like relationships. Having debt that you’re unable to pay back is stressful and financial troubles are one of the leading causes of divorce.

If there’s not enough money for groceries and you're dumping all of your hard-earned wages into minimum payments - you're bound to feel the pressure. This stress can destroy all types of relationships.

A Bankruptcy filing can reduce this stress - allowing you more time to focus on what really matters - the people in your life.

Not Having to Work Multiple Jobs to Make Ends Meet

To most - a bankruptcy filing is the last resort. Many will take on 2, 3, or 4 jobs to make minimum payments before they realize they are in over their heads. When you eliminate your dis-chargeable unsecured debts, you’ll likely find you have more time to spend with family and friends as your income frees up and you no longer struggle with payments.

The Stress Reduction Can Improve Health

Stress often manifests as actual physical pain. Stress and anxiety release hormones that can manifest as physical symptoms. It is very common for individuals suffering from extreme states of stress to report increased pain levels.

Filing Bankruptcy may reduce stress and in turn, reduce related physical pain.

You Can Make Time for Self-Care

Many individuals considering bankruptcy have reported skipping meals, overeating, or eating poorly due to the financial stress. With the financial burden removed, you’ll be able to shift your attention to your physical and mental well-being.

An Opportunity to Save Your Home

Most clients can save their homes. And, although now cliché, our homes really are more important now than ever.

A Fresh Start You Deserve

When you’re drowning in unmanageable debt and can’t seem to think past your next bill cycle or paycheck, it can be hard to plan for, or even see, your future. After a bankruptcy filing, you can often free up your finances and invest in your future. This can be you or a child’s college fund, your retirement fund, or even a long overdue vacation.

Bankruptcy Is Hope - Not Hopelessness

Bankruptcy has consequences - but not all are negative. Most clients report a huge weight has been lifted as relief sets in and they are able to start over.

The Law Office of Charles N. Kendall can help you get the peace of mind you deserve. Charles serves all of Cochise and Santa Cruz Counties and has over 21 years of experience. Call today at 520-452-9022 to schedule your consultation - either by phone or in person - and discuss your options. He will review your unique situation in detail and inform you of all your options. Charles does all initial bankruptcy consultations free of change.

You can file for as low as $0 down and take advantage of flexible, in-house,  payment plans. 

Feel free to call Charles at 520-452-9022 or send an email to him directly at southernazlaw@gmail.com .