No one ever goes into bankruptcy proceedings feeling happy about their situation. On the contrary, most Tennessee residents feel pretty terrible that they reached a point where bankruptcy was the solution.
Overwhelming debt can affect anyone and does not necessarily mean you behaved irresponsibly. If you feel it is time to consider bankruptcy, the facts below can shine a positive light on your circumstances.
You can improve your score
Most filers believe it will take years to see any improvement in their post-bankruptcy credit scores. Although it depends on each unique case, research shows that the average credit score begins to rise again after filing. By the time a year or two passes, you will likely see an improvement in your score.
You can have credit again
You may tell yourself you will never open another line of credit once you overcome your debt. It is natural to feel this way at first. However, good credit is critical, if not necessary. A wise approach to rebuilding credit can ensure you avoid falling into debt again. Begin with a secured card, keep your balance low and make your payments on time.
You can have peace
Do not underestimate how much better you will feel once you stop hearing from creditors. Debt and creditor harassment have been linked to mental conditions like stress, depression and anxiety. Since creditors must cease their collection attempts the moment you file your bankruptcy papers, you immediately start your journey toward financial peace of mind.
Debt relief through bankruptcy can wipe your slate clean. If you are still unsure if it is right for you, consider learning more about how it can improve your life.
