Is bankruptcy worth it?
Those who see the decision to file bankruptcy to get a fresh start as painful or less than honorable wonder what life is like, on the other side of bankruptcy.
I got a report from the other side this week from a Chapter 7 client from 3 years ago.
Single, well past middle age, a renter, and dead broke when she’d filed, she’d retired, moved, and bought a house!
Her email was entitled: “A Happy Ending”.
I had been confident that bankruptcy was right for her, but it was nice to hear it from the woman who was living the life.
But home ownership? that soon, on her own, starting with nothing? I didn’t see that coming.
Bankruptcy makes it possible
The downside of bankruptcy always seems to be at the forefront of the thinking of those struggling with the decision.
New creditors ask about bankruptcy filings; others might find out. What if something catastrophic happens?
It’s easy to overlook the upside: no holdovers from your current financial life; no stress about promises to pay that you can’t keep; no hope of things getting better soon.
Our laws make a fresh start possible. Our economy wants us back as consumers.
Usually, all we have to fear are the voices in our head.
This week’s voice from the past said there is a happy ending.
More about deciding to file bankruptcy
Image courtesy of Grisel D’An and Flickr.