Bankruptcy has never been intended as a way to reward people for fiscal irresponsibility. It is a means of providing those facing an overwhelming amount of debt with an alternative to multiple lawsuits and garnishments. Assuming the debtor meets the court’s criteria for filing a chapter 7 bankruptcy in Keller, certain things will begin to happen immediately. Here is what the debtor can expect.
Collection Efforts Cease
Once the debtor files for a chapter 7 bankruptcy in Keller, there is immediate protection from further actions by creditors. That means the collection calls at home and work will cease. From this point on, communications with creditors will be managed through the court. Being able to answer the phone or check the mail without dreading what may follow frees the debtor from a huge amount of stress and makes it possible to see a way to build a better future.
Avoiding Health Issues
The stress of being in debt and not seeing a way out undermines physical and emotional health. Sleep doesn’t come easily, and the constant worry takes a toll in the form of increased blood pressure, anxiety and, often, depression. If that stress remains long enough, those ailments turn out to be the tip of the iceberg. Easing the stress through filing means these and other health issues begin to fade. That translates to regaining a sense of physical and mental well-being as well as finding it easier to plan for the future.
Tools to Build Financial Wellness
As part of the proceedings, the court requires the debtor to attend financial management classes. Many jurisdictions accept attendance via online courses that have been evaluated and found to comply with the court’s standards. Taking those classes seriously and approaching them with an open mind has the ability to empower the debtor. While much of the information has been encountered in the past, taking those classes and hearing those ideas again in a fashion directly relevant to the current situation makes a difference. Putting what’s learned to good use reduces the chances of ever needing to file for bankruptcy again.
Visit today and find out if bankruptcy is the right option. If so, it will not take long to prepare the petition, take the required classes, and be on the way to making the most of that fresh start.
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