I know I know it sounds stupid, but bankruptcy can be helpful. Here is a quick list of a few ways that it can be a positive situation in your life:
- In a lot of situations you can actually improve your credit as you are lifted out from under your debt.
- You can give yourself breathing room to rebuild your credit by staying on payment plans for loans on your car and mortgage.
- Creditors will get off your back and cease those almost harassing phone calls.
- A lot of items are exempt such as your car and others for your home and professional life. You will be able to keep these.
- For the most part, filing for bankruptcy will not limit you in the future from moving on and acquiring or owning personal property
United States Bankruptcy laws differ from state to state and vary from one situation to another. For that reason, it may be in your best interest to consult with a bankruptcy attorney to see what all of your options are to make sure it serves you in the best fashion.