A lot of the talk around bankruptcy focuses on the negative aspects of going Bankrupt. Sure, no one wants to go bankrupt, but the process is there to provide individuals that are unable to pay their debts a way forward to rebuild their financial well-being. Here are a couple brief benefits of going bankrupt: –
- RELIEF FROM OVERWHELMING DEBT
Bankruptcy can help relieve a person from their overwhelming debts that they cannot realistically repay and allow a fresh start and a clean slate to help rebuild their financial stability.
- PROTECTION FROM CREDITORS
Do you hate when your phone rings and it’s a private number so much so that you have stopped answering the phone altogether? Once a person goes Bankrupt, all those phone calls, letters, and other collection efforts by creditors is required to stop as they now have to work with the Trustee in Bankruptcy.
- REDUCE STRESS
You can answer the phone again, you don’t need to fear the mailman.
- IMPROVED CREDIT SCORE
Whilst going bankrupt will negatively impact you credit score, you will begin to build up some savings as well as not incur any further significant debts over the period of the 3 years of the bankruptcy.