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Insolvency Is Not the End of the World

Insolvency Is Not the End of the World
"""To many, declaring bankruptcy would appear to be the end of the universe as we know it. In these difficult times, bankruptcy can be caused by a variety of external factors that are beyond the control of the majority of individuals.

Unfortunately, due to the stigma associated with bankruptcy, many individuals continue to struggle long after they should have filed for bankruptcy, which can have devastating effects on their mental health. In addition, bankruptcy is comparable to a divorce in that you cannot continue on with your life until it occurs.

At every stage of the decision-making process in your life, you must have at least two options. Once you are able to embrace this, the decision to actually declare bankruptcy, if necessary, can be painless. If you attempt to avoid the inevitable, you will place yourself under a tremendous amount of mental stress; I know because I have been there, been close to bankruptcy, and only time will tell if I will have to make a decision.

Once I realized that bankruptcy was a possibility, I did everything in my power to learn about all of its facets. As I was engaged in a major legal battle at the time, knowing whether I would be able to keep my house, computer, and car, as well as whether I could continue to fight my case, was crucial to my peace of mind. I met with two bankruptcy counsellors and also discussed the pros and cons of this decision with my attorney.

I researched the availability of bank accounts during bankruptcy and discovered that pre-paid debit cards are available, so you can continue to use the internet and lead a ""plastic"" existence when reserving hotels, car rentals, and airline tickets; you just need to load cash onto your card account beforehand.

And as for a mobile phone, all you need is a pay-as-you-go device, and guess what? No one will be able to identify you!

For too many individuals, declaring bankruptcy is an acknowledgment of shame and loss of control. Well, certainly, for many individuals, debts were unmanageable, but why attempt to exist under a massive cloud of impossible debts?

When you are in this precarious position, you may have been terrified of bailiffs coming on your door at any moment, as well as receiving countless letters and intrusive phone calls throughout the day, making your life a living hell. At least bankruptcy protects you from all of this, including all of those irritating phone calls.

You will also have a lot of your 'dirty laundry' on public display. However, if you have not been completely reckless with your spending, you will be out of bankruptcy after 12 months in the UK, and able to begin rebuilding your creditworthiness if you so choose.

Since living under its threat, I've discovered that bankruptcy, or the prospect of it, makes you realize how much better it is to carry cash in your wallet as opposed to a number of high-interest, overly convenient plastic cards.

And don't forget - you are not alone. Increasing numbers of individuals are being forced into bankruptcy, often through no fault of their own. Even high-fliers such as Donald Trump have been there.

" - https://www.affordablecebu.com/
 

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"Insolvency Is Not the End of the World" was written by Mary under the Finance / Wealth category. It has been read 149 times and generated 0 comments. The article was created on and updated on 02 June 2023.
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