Bankruptcy Does Not Need To Be The End Of The World For You
It is hard when you have to file for bankruptcy and many people are heartbroken at such time. However, if you take the help of bankruptcy attorney or a bankruptcy lawyer you will find that this could actually turn in your favor. Here are five points where bankruptcy actually is your friend rather than enemy:
1. Allows you time to sort things out – for those who do not know, there are many pro-debtors laws that would actually come to your aid rather than harass you. How? In Chapter 7 and 13 there are enough clauses that give you time to come up with viable payback solutions spanning over 3-7 years. During this time, your lenders would have to stay away and let you recoup.
2. Shows you the importance of proper financial planning – you might not have paid sufficient attention to all the advice you heard from various sources on the importance of adopting sound financial principles. This is the time when you realize – the hard way – that it’s time for you to take some very drastic steps regarding how you are spending and investing your money.
3. Takes off the pressure you were facing from your lenders – most people feel driven to bankruptcy due to the huge pressure from lenders for immediate payment. When the lenders fail to contact with you directly, they go to recovery agencies which have their own methods of tacking defaulters and getting them to pay what they owe. Since these agencies are paid in terms of commission, they would be relentless in their quest to get results.
4. Helps you prioritize expenses – very often when you are indebted you tend to pay whichever bill comes first to you in an attempt to make peace with at least some of the lenders. Far from helping the situation, you end up more mixed up and frustrated because you are unable to make a dent in the overall problem.
5. Makes you aware of your rights and duties in the eyes of the law – there are many laws you would not have known about and many things you were supposed to do but did not do because you did not know about it. This is a good time to learn about all such things and use such intelligence for achieving financial self-sufficiency.
6. Realize the importance of counseling and legal advice – there are two things that would give you direction in such times of need. The first is competent counseling for this would show you where you went wrong and how you have reached this point of no return. Second, you would realize that filing for bankruptcy is just not a parachute system to save your life from a free fall, but a concerted effort to right a wrong.
Look at these priceless lessons and use this experience to grow rather than enter despair. Bankruptcy has given you a chance to start your life again. There is ample proof that you can be a huge success even after such a setback – for example Donald Trump who went on and become one of the richest people on earth post bankruptcy.
