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Chapter 7 Bankruptcy - 5 Great Reasons For Filing Chapter 7 Bankruptcy to End Your Stress

Updated on October 15, 2013

Filing for bankruptcy used to have a negative stigma but no more.

Have you considered filing for bankruptcy but are too embarrassed? Filing for Chapter 7 Bankruptcy may seem degrading, embarrassing and you may even feel like a failure, but we all did not take finance in college.

I'm writing this to let good people like you know that, there is no need to feel awkward before filing. It is your duty and right to protect yourself and your family from debt that can and will destroy you.

You may not be aware but the most form of bankruptcy is medical bankruptcy and with individuals that have health insurance! There are good people everywhere that can be financially ruined by medical bills, but the smart ones cut their loses and start over.

Chapter 7 Bankruptcy will show up on your credit report for 10 years. So deal with it, get yourself and your family up from under the stress. You will be able to get a loan after 2-3 years but you will have to but yourself on a budgeting plan to prevent future problems with spending while giving yourself a stronger financial foundation.


5 Reasons to File Bankruptcy

  1. Medical Bills - I mentioned this earlier, but it needs to be repeated. If you are devasted with many medicals bill and you foresee a procedure in your near future you may want to wait until your procedure and follow ups are finished before filing.
  2. Pre-Marriage - Many people hesitate to get into marriages once they find out about a partners extensive bills. No matter who is responsible both parties suffer. The offending partner files bankruptcy before marriage to protect the union.
  3. Student Loans - I know that student loans can not be discharged. However, getting rid of other bills will free up money to allow you to make your student loan payments.
  4. Retirement - Thousands protect their retirement from debt by filing bankruptcy. Retirement funds can not be touched by creditors but many use their funds to pay debt and end up working the rest of their lives. Don't let this be you.
  5. Disability - Just imagine a small disability check and a huge household expenses. Filing for bankruptcy and getting rid of your debt will help your disability check go farther and allow you to heal worry free.


What ever your reason for filing for bankruptcy, it is best to think ahead to determine the best time for the best relief. You want to get the best and longest results for your current problems. Using a bankruptcy is business shouldn't be looked at as degrading. It is however, degrading to go further in debt at the expense of your families well being and the possibility of loosing your home or retirement fund.

I hope that you view Bankruptcy in a different light and will move forward if you find it is best for you. Read my article on budgeting even if bankruptcy is not a factor at this point. Studies show that 60% of financial decisions are made by women in the house hold. Women all lets unite and learn how to budget and teach our children while they are young.

Raising a new generation to think of money as not only a resource, but a tool can help them avoid future financial issues. After all, they may be financially responsible for us later.

Learning how to budget is awesome and you will be conscious on such an incredible level I am sure you will run a tighter household and reach your financial goals here on in.

I hope this 5 Reasons to File Chapter 7 Bankruptcy hub has been an eye opener and if it can help even one person it's served it's purpose. Please vote this hub up if you find it useful.


Relevant Hubs

Chapter 7 Bankruptcy - 3 Important Steps to Rebuilding Credit

Life After Chapter 7 Bankruptcy - How to Improve Your Spending with a Budget


Financial Budgeting Resources

Free Personal Budget Plan Template you can download from Microsoft.

My Money is a government website dedicated to teaches every American the basics of financial education.

My Money For Youth teaches our children through games and activities how to save and budget.

Practical Money Skills for the whole family. This is your one stop to financial education.


Comments

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    • Elearn4Life profile imageAUTHOR

      Darlene Matthews 

      4 years ago

      Thanks MsDora! I appreciate you!

    • MsDora profile image

      Dora Weithers 

      4 years ago from The Caribbean

      Thank you, ELearn. You have given good and useful information. You may want a little more to your article for it to meet the HP required length. So far, it's great.

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