If you are one of the many people in Indiana who cringe when it is time to go to the mailbox for fear that you will receive yet another bill, you are not alone. You may also likely avoid answering your phone or even checking your email in the event that a debt collector is once again contacting you. Even if you know you that you legitimately owe on a particular debt, when you do not have the money to pay it, you may experience severe stress.
For many, the thought of bankruptcy may be equally stressful. However, NerdWallet explains that it may be time for you to take a fresh look at bankruptcy and understand how it very well may be the most beneficial option for you. Certainly, bankruptcy can eliminate some of your debt but there are other benefits to be had as well. Ultimately, filing for bankruptcy may give you the best access to new credit with which to re-establish your financial life. This is in part due to the fact that your debt-to-income ratio will be much better after you file for bankruptcy.
A bankruptcy filing also may put an end to what feels like constant harassment from creditors and debt collectors. As far as your credit score goes, many consumers see a significant jump in their scores after bankruptcy. The blemish of a bankruptcy may often be less severe to a credit score than the damage already done by falling behind on too many debts.
If you would like to learn more about the potential benefits you might experience by filing for Chapter 7 or Chapter 13 bankruptcy, please feel free to visit the credit and debt relief help page of our Indiana consumer bankruptcy website.
