Debt can be overwhelming, and it's stressful. You might feel tempted to hide late bills or to ignore phone calls from creditors, but the damage is still being done. One option you have is to seek out a bankruptcy; it can put an end to harassing phone calls and get you back on track for a better financial future. How can you get through it without the anger, frustration, shame or sadness some people face? You can focus on the positive outcome it will have when you complete it.
Many people have the wrong idea about bankruptcy. Yes, a Chapter 7 bankruptcy can mean that you have to liquidate some of your assets, but that doesn't mean you have to start completely over again. There are exemptions and exceptions to the rules that can help you protect your home, main vehicle and other important items in your life.
A bankruptcy will also affect your credit score, but it's likely that your credit is already affected if you're at the point of considering bankruptcy seriously. A bankruptcy will stay on your record for several years, and it will make it harder to get credit or loans for some time. Eventually, the bankruptcy will come off your report, giving you a completely clean start.
In the meantime, you can make on-time payments and have a chance to start over with less debt and more free income to work with. Taking the right steps after bankruptcy can keep you out of debt in the future, so you don't have to file ever again.
Source: U.S News, "Surviving the Emotional Toll of Bankruptcy," Daniel Bortz, accessed Dec. 09, 2016