Yes, you read that correctly. Bankruptcy can be a blessing in its own way. Most bankrupt people have a tendency to focus on what they've lost, and that's both natural and normal. However, bankruptcy does have several good points to its credit. We've listed a few to help uplift your spirits.
Less Stuff, Less Stress
If you file for Chapter 7 bankruptcy, your non-essential property can be taken to pay creditors. This includes second vehicles, vacation homes, unnecessary clothing and jewelry, and so forth. The argument here is that having your property taken is not the same as giving it up voluntarily. However, many people who file for Chapter 7 also voluntarily downsize or sell property. This means they have fewer material things, fewer things to clean up and look after, and less stress.
Bankruptcy usually means less money to go out to dinner or to the movies. On the upside, it also means families are forced to be creative with how they spend leisure time. They're also challenged to come up with activities that are fun for everyone in the family. So instead of one child spending the night at the arcade while another is at the mall, maybe the family ends up reading together or having a treasure hunt or relay race.
Bankruptcy offers families a second chance to plan for their financial futures. Although your family may never have had financial troubles before this point, take the opportunity you have now. Work with your Louisville bankruptcy attorney, trustees, and a judge if applicable to come up with a payment plan for the debts you can handle. After the bankruptcy is annulled, make monthly budgeting both a priority and a family process.