Bankruptcy happens to all sorts of people and for many different reasons.
Regardless of whether you’ve been good with managing your finances or not, it’s not an offence to file for bankruptcy, so don’t be too hard on yourself about it.
Bankruptcy immediately stops all creditors from calling you for payment, and it’s usually very fast. After filing for bankruptcy, your Trustee will notify your creditors (both secured and unsecured) within a few days of filing, and you’ll no longer be responsible for payment.
Your Trustee will handle all communication with creditors and oversee your financial affairs for the 3 year period that you’ll be declared Bankrupt.Get My FREE Debt Assessment
Bankruptcy, while not a good thing, does have some positive outcomes for people in a terrible financial situation.
Bankruptcy can be looked at as a new beginning, because it takes away the immense stress and worry of unmanageable debts and allows you the time to rebuild yourself financially.
It also saves lives – because it provides a ‘safety net’ for people rather than letting the anguish of unmanageable debts get the better of them and their health (no amount of money is worth that).Get My FREE Debt Assessment
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