If the thought of bankruptcy makes you cringe, you are not alone. Many people only hear the worst about bankruptcy, and as result, they shudder at the thought of going through it. The good news is, many common myths are not true. In a world swarming with information, it is easy for some of it to misguide you. There are undoubtedly some downsides to filing bankruptcy, but they are not as bad as many people make them seem. If you are struggling with massive debt, bankruptcy can be a lifesaver. In truth, this constitutional right can help you out in more ways than one.
Bankruptcy Gives You a Clean Financial Slate
Perhaps the most obvious benefit of filing for bankruptcy is the fact that you can finally catch up on your bills. When you have hundreds of dollars in credit card interest to pay back every month, it can feel like you will never break the cycle of being broke. People often worry about the ability to obtain future credit, but most only suffer temporary limitations after they file with a bankruptcy lawyer Rockville MD. A bankruptcy may last on your credit reports for several years, but you will be able to make future purchases and pay your immediate bills without worrying about half your paycheck going to a creditor.
Bankruptcy Relieves Stress
In addition to clearing your finances, bankruptcy can also take a load of your mind. How are you handling all of the debt collector phone calls? If you are like most people, debt can play an enormous role in the deterioration of your mental health. Money may not bring happiness, but being able to pay rent definitely brings peace of mind. Filing for bankruptcy might be the best way to resolve issues that are negatively impacting your overall well being.
Bankruptcy is a right granted to you by the United States government, and it is not something you should dread. There can be some costs to filing, but in large part, bankruptcy solves many personal problems related to out-of-control financial situations.