BANKRUPTCY CAN IMPROVE YOUR HEALTH AND MAYBE SAVE YOUR LIFE
Those facing serious financial pressures don't often understand the unhealthy consequences of their situation. Heavy debt load causes stress and depression which is a leading cause of stroke and heart attacks. Clients have told me that they had a fear of answering the phone or even opening mail.
ADVERSE EFFECTS OF HEAVY DEBT LOADSA heavy debt load causes undesirable choices: pay the rent or mortgage or pay the car note or skip needed medicine. Then there is the fear of Wage or Bank Garnishments that cause instant chaos.
Heavy debt loads also cause problems in other areas of life. The pressure can hurt job performance, create a disincentive to finding employment, and cause problems in the marriage: even Divorce.
So what does Bankruptcy do? After decades of helping thousands of client work through the bankruptcy1. Can sleep better at night
2. Rebuilds credit; yes credit scores rises after a bankruptcy
3. Relieves stress and depression
4. Studies find bankruptcy relief adds 1.2 years to one's life span
5. Increases the amount of money each in month in their pocket
6. Decreases foreclosures rates by over 19%
7. Can work better and can concentrate of on their jobs; thus better employment security and better possibilities for promotions
8. After the bankruptcy many clients are able to buy a house
9. After the bankruptcy many clients are buying decent affordable cars
POSITIVE RESULTS BASED ON DATAThese positive results were recently confirmed by a study based on data of over 500,000 Chapter 13 cases. Chapter 13 cases that were confirmed show increased annual earnings of over $5,500 or about $105 per week.
The paper concludes bankruptcy removes disincentive to work by removing the fear of Wage Garnishments. The paper also showed that people live longer after a successful bankruptcy.