If you equate bankruptcy to failure then you are overlooking how to leverage it as a tool to financial success. Life is full of unfortunate events that could result in a sudden and drastic impact to your financial means.
Even temporary changes to your income could lead to long-term financial uncertainty like a furlough turning into a layoff, a serious illness or medical issue, or an auto accident. Fortunately, bankruptcy is a fresh start when times get rough financially.
Breaks the cycle
Getting out of debt can seem like an endless cycle that you never can break free of. Temporary setbacks can turn into long-term challenges that cause you to feel as if you can never escape from the stress and pressure of your financial obligations.
A reset option
Second chances are not easy to come by in life, especially if you are in a financial nightmare. Your best efforts and intentions may not be enough for you to overcome some of life’s challenges. Bankruptcy is a valuable resource that can provide a reset that better enables you to achieve your goals.
Live life on your terms
Being in debt can severely cripple your capacity to live the life you want on your terms. It can make it harder for you to achieve personal or professional goals. The automatic stay in bankruptcy can help you avoid the lingering and permeating consequences of falling into debt like the endless and intimidating late payment and bill notices, collection calls, wage and bank account garnishment or repossession or foreclosure letters.
Instead of thinking of bankruptcy as a moral dilemma, think of how you can use it to legally get caught up on late payments or get out of debt to improve your financial worthiness.