Being faced with choosing whether to file bankruptcy or not is never an easy decision. There have been many myths regarding bankruptcy which is often why an individual will hesitate to file. On the other hand, many people have delayed the decision but once it was done, they only wish they had done it sooner. It’s a double-edged sword of sorts that can create confusion for someone that isn’t really sure how the process works. Here are the top benefits of filing Vancouver bankruptcy.
Peace of mind is probably the biggest and most appreciated benefit of filing bankruptcy. The financial woes that weigh you down will create a ton of stress. Once you file bankruptcy and court proceedings are done, you will have financial freedom and the burden of those debts will be lifted from your shoulders. That is enough to make anyone think twice before they delay the process.
Vancouver bankruptcy does not mean that you will never have credit again. It’s actually a new beginning for you. Of course you will not want to run out and attain a bunch of debt right after filing but you will have opportunities to re-establish your credit in the future. Take advantage of these opportunities but don’t go overboard. Handling your credit responsibly will help avoid future financial burdens.
When you file bankruptcy you will also be able to get out of certain contracts. You may be able to get out of a lease, a cell phone contract or other type of financial obligation that weighs you down. The bankruptcy proceedings will keep teh creditor from being able to pursue collections against you.
Those are the top benefits of filing bankruptcy. The end result will give you the long awaited relief you have been seeking. You will also be able to begin re-building your credit and establishing your credit-worthiness. There are many creditors who will give you a chance to prove that you are worthy of having credit extended to you. The main thing to remember is to keep your income to debt ratio low and make sure you follow through with any payment agreements you make.
Within a few months after filing bankruptcy, you will be able to regroup and get back on the right track with your finances.