Bankruptcy is not a badge of shame. Bankruptcy is a way to draw a line in time and say, “I’ve had enough!” What you need to know is that Bankruptcy is not an end. It is a beginning. Bankruptcy is a fresh start. It is a way to begin again with a fresh slate. Bankruptcy will not make your credit score drop to zero. But it will take a toll. You can bounce back after bankruptcy. After Bankruptcy you should pick yourself up, dust yourself off, and start climbing up again. We will have suggestions how to do just that. The credit counselors will have suggestions and resources that will show you how to rebuild your credit. There are even books at the library or at your favorite bookstore that address how to rebuild your credit. See our section on rebuilding credit.
Bankruptcy is all about stress relief.
Here at Affordable Bankruptcy we like to take all the credit for being your stress relief. But in actuality it is the amazing effect of the automatic stay that bankruptcy causes. The notice of commencement of case that is sent out to all your creditors tells them that they can not take certain actions. Once you file bankruptcy your creditors can no longer write you, call you, sue you or garnish you. The automatic stay is like a temporary injunction. It tells creditors to back off until further notice. You get this stress relief right from the beginning of the case. The discharge you get at the end of the case is like a permanent injunction. It tells creditors that they can not take any of those actions against you for the rest of your life.
So give yourself an attitude adjustment. Embrace bankruptcy as an opportunity. It will let you keep (or regain) your sanity. It will force you to live within a budget—which is a good thing, honest. It will make you regroup, ponder your financial history, and plan the future of your financial success.