Financial stress is, well, stressful. That is not news to millions of Americans coping with money woes. This Forbes article points out the percentage of Americans who are struggling to make financial ends meet. It is a tough task.
Much of the advice given out to counter financial stress often involves debt elimination or reduction. That’s a good way to go. If you can. The reason so many are struggling with debt is they don’t have the income to pay it down. That’s why they are in debt in the first place.
Bankruptcy is a way to eliminate debt when you cannot afford to pay it back. Bankruptcy is normally considered a last financial resort. And it should. But for those who can not pay their debts it is their only resort. It is also a way to eliminate not just your debt, but the financial stress that accompanies it.
Debt is a big source for financial stress. There’s no doubt about that. But financial woes are not just about money owed. Financial stress can cause a mindset of dispair. A feeling of not being able to get out from under. Money problems can stress not only your finances, but other parts of your life. Relationships, friendships and work bonds can all be stressed when finances are unstable.
Bankruptcy can eliminate your debt. And it can eliminate the emotional baggage that goes along with not being able to repay the debts you owe. Bankruptcy is not as bad on your credit as many believe. That’s because there is an obvious benefit to your credit through bankruptcy. It eliminates your debt. That is good for your credit. And it usually counters the detrimental aspects of filing for bankruptcy. Bankruptcy is a powerful financial tool. Bankruptcy can eliminate your debt. More importantly, it can eliminate the stress that goes along with the debt you owe.