When people talk about filing for personal bankruptcy, their primary concern is often how doing so will help them resolve their financial situation and rescue their credit score.
Bankruptcy can have other benefits that many would argue are even more important than the chance to save your credit score. Let’s look at a few.
Your health may improve
Debt can take a heavy emotional toll on people. Mental health and physical health have been interconnected since the time of the Greeks and Romans. It’s hard or impossible to be at your physical best when your mental health is poor.
Your income may increase
Doing well at work and in business generally requires clear-headed thinking. That can be difficult to achieve if you are mentally exhausted and struggling to get the sleep you need because you are busy worrying about how you will pay a bill or whether an incoming phone call will be a creditor or debt collector.
Your relationships could improve
Few people are at their best with their partners and children when they are in dire financial difficulties. Arguments can arise over the slightest expense when every cent counts. Couples may even blame each other for their debt. Clearing that debt can ease a key cause of relationship strain.
Of course, none of these three potential benefits of filing for bankruptcy is guaranteed. However, what is certain is that those things may well be suffering because of insurmountable debt. Learning more about how filing for bankruptcy works from an experienced legal professional can help you determine if it’s the right choice for you.
