Bankruptcy… Rock Bottom?

Some people are under the impression that bankruptcy is as bad as it gets. They think that avoiding it at all costs is a good thing to do, even if it means your sinking credit score and a ton of anxiety. Here we are going to talk about how this process works in San Diego as well as why you may want to change the way you think about it.

Stress is Bad For Your Health

Getting bills in the mail every day and being sued by credit card companies is not just bad for your credit, but it also adds to your health problems through stress. It can lead to heart problems and toxic chemicals in your blood from cortisol and adrenaline as you feel anxiety about checking the mail or answering the phone. Nobody should live in that way.

That is why at the Seneca Law Group, we think of bankruptcy as a type of refinancing. It can also be better for your mind and your health.

But Doesn’t Bankruptcy Ruin Your Credit?

The thing to think about here is what is happening to your credit if you don’t file for it. If you do not file for bankruptcy, your credit score continues to go down because you may be missing payments or carrying balances that are too high.   Filing for bankruptcy can end that stress and actually improve your credit.

Some people find that their credit score goes up a year after filing because all the negative marks fall off.  While credit cards and loans post bankruptcy may have higher APR, now a days, banks offer prepay credit cards which is a great risk free way to further rebuild your credit. This is a good thing to remember.

Talking to San Diego Bankruptcy Experts is Beneficial

Talk to experts about the situation so that you can figure out what you are doing and what is in your best interest regarding the payments. You can then learn about whether you will benefit from filing for bankruptcy or not.

There are a lot of ways to see your situation if you are in trouble with debt collectors and credit card companies. If you want to make the best choice, you have to figure out what to do based on the future and the likely outcome of your current actions. Remember that allowing bills to pile up and abrasive phone calls to continue is not only bad for your credit, it can be bad for your health. Speaking to a bankruptcy expert at the Seneca Law Group today can change all that.  Call us at (619) 630-8LAW (8529).

Disclaimer: This article should not be construed as legal advice.  Make sure to consult with someone before taking any action concerning bankruptcy.

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