Bankruptcy – The Emotional Release
People ring their hands and sweat endlessly over the decision to go ahead with a bankruptcy filing. Once the move is made, the emotional release is amazing.
Millions of Americans take sleeping pills in one form or another to help them sleep. One of the primary reasons is their finances keep them up all night as they stare at huge heaps of debt and wonder how the heck they are every going to meet the payments much less ultimately pay it off.
Living on the financial edge is no fun. It is stressful and can wear you out over time. The shear debt that most of us face and pay on is absolutely astounding. This concept has come home for many Americans with the new credit card law that requires creditors to show you how much money in interest you will pay on your credit card debt if you just make the minimum payment.
Sooner or later, most people in heavy debt contemplate filing bankruptcy. The Great Recession has made that event come much sooner for most. The stress associated with filing bankruptcy is huge, but also misplaced. Most people assume the world will end when the filing occurs. In truth, it is exactly the opposite. Most people find a huge weight is lifted from their shoulders. All those payment and all that endless debt is suddenly in play. More importantly, you can see an end game to the problem instead of facing years and years of endless payment.
The filing of bankruptcy is not the end of your life. It is the beginning. You will get a fresh financial start and that means a fresh mental start as well. The real key is to learn from your past mistakes. Is keeping up with the Jones really worth all the debt and stress? You surely must realize it is not. Don’t make the same mistakes again. Live within your means. Save for a rainy day. The Great Recession has been brutal, but recessions are a part of life. There will be more of them. Plan for them and get your financial life in order.
Don’t waste your second chance. It isn’t worth the sleepless nights