Getting Your Finances Back On Track

Filing for bankruptcy means a fresh start and new outlook

On Behalf of | Feb 28, 2023 | Bankruptcy

For months, you weighed the positives and negatives of filing for personal bankruptcy. One of your biggest fears is how others will view you. You suspect that you will be harshly judged.

But the first psychological step you must take is to erase that thought from your mind. You know what is best for you. Others do not. Filing for bankruptcy represents a turnaround, signifying that you want to take better control of your life, especially your financial life. Remember, there is no shame or stigma when filing for bankruptcy.

Looking to the future

By filing for bankruptcy, you seek to make a fresh financial start. Whether you accumulated significant debt through purchases, medical bills or questionable financial decisions does not matter now. You want to look ahead, and you are doing that.

Annually, many Americans face similar financial challenges and want to achieve a financial turnaround. According to The Motley Fool, nearly 534,000 people sought either Chapter 7 (413,616) or Chapter 13 (120,002) bankruptcy in 2021. Those numbers represented at least a 23% decrease in bankruptcy filings from 2020.

Understandably, you may be nervous about taking this step. But filing for bankruptcy represents a move that you must take. In time, you will gain a sense of relief in knowing that you have taken greater charge in your life. But you should also know that the steps do not end there. You also must realize the importance of making changes in your life as well.

Welcome change and rebuild

Look back on the events and decisions that led to this financial downward spiral. What could you have done differently? Welcome change, and, in time, you will rebuild your credit rating. There is no stigma when it comes to bankruptcy.