If you have been struggling with financial issues for many years, you may have forgotten what it is like to have control over your finances and to be debt-free. This can mean that the prospect of getting free from debt could seem impossible, or too good to be true.
Too many people live a life of financial stress which can lead to mental health issues such as anxiety and depression. There are tools available for those suffering that could help them to get out of this debt in a relatively short amount of time. By using the law in their favor, they may be able to transform their lives in just a few months. The following are several ways in which Chapter 7 bankruptcy could change your life for the better.
You’ll stop stressing about creditors immediately
When you file for any bankruptcy Chapter, an automatic stay will be put into place almost immediately. This will mean that creditors can no longer take action to try to gain back what they are owed. So if you’re worried about foreclosure or stressed about constant calls or mail from creditors, you won’t have to worry about this anymore.
You could be debt-free in several months
Debt is a heavy burden that can feel unmanageable for many. Filing for Chapter 7 bankruptcy leads to the liquidation of assets to pay off debts. This can be done in just a few months, and if your assets are not enough to pay off all of your debts, you may benefit from a debt discharge, meaning that you’ll be completely debt free.
You’ll have the freedom to get a fresh start
Becoming debt-free means that you’ll have the ability to make a success out of your life, and redefine who you are. No one even has to know about your bankruptcy filing.
If you want to deal with your debts and get a fresh start, consider whether filing for bankruptcy could be the right option for you.