Apr
14
You Will Survive Bankruptcy
Filed Under Personal Finance
If you are in a position where you think you need to file for bankruptcy, then you are truly at the end of your proverbial rope. You have already come to the conclusion that you basically owe more than you are worth. It’s a horrible situation to be in. People often experience feelings of shame, worthlessness and of course depression when going through a bankruptcy. But the fact is that declaring bankruptcy is not the end of the world. Here are some bankruptcy facts that just might help you feel a little better about the whole situation.
The bottom line is that creditors can not take what you do not have. Like the old saying goes: you can’t squeeze blood from a turnip. And that’s not all either. In most cases you can not be thrown in jail because you owe someone money. In fact, you don’t have to take any harassment from debt collectors, creditors or collection agencies. You don’t even have to deal with the stress of talking to these people, so don’t!
Unless you make more that $320 net pay (not gross pay) per week, your wages can not be garnished. So you are not going to be thrown out on the street, and you are not going to starve. Bankruptcy is a bad situation, but you will survive. In fact many people find that it is the fresh start that they needed once it is all said and done.
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3 Responses to “You Will Survive Bankruptcy”
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It’s still the hardest thing to do: filing for bankruptcy. But it’s good to figure out what will happen when one needs to do it. And the important thing when it’s done is to learn from it and make sure it never happens again.
Of course you will survive bankruptcy. It is indeed a fresh start for many people. If it were not, there would not be so many people doing so. If you need to go this route, do it.
Many people make the assumption that there is no future for them financially after bankruptcy. They are mistaken however. At most, a bankruptcy stays on your record for 10 years and in many cases, your credit is passable after about 3 years.