"Bankruptcy Saved the Day"

Life After Bankruptcy Stories

I will say that filing bankruptcy back in the year 2005 was most certainly a benefit for me and my family.



For one thing, with having my income lowered via my employer and paying over $500 per month for a vehicle that was worth less than half what I owed on it, bankruptcy saved the day.

Rather than paying $32,000 for the vehicle, I paid roughly $6,000, removed the credit bombardment and phone calls from my way of life and finally began to get ahead. Did I mention I saved thousands of hard earned dollars?

Prior to the bankruptcy I was stretched super thin financially, trying to make good on loans approved from an earlier higher income. Bankruptcy was certainly a savior and a renewal agent for my life and my finances.

I filed a chapter 13 because I did want to pay my creditors back, but I wanted it to be fair to me and my family.

After the bankruptcy I learned the value of simply using cash for my purchases and learned the long lost art of saving money, or saving up for major purchases. If it wasn't for the bankruptcy filing I would still be living paycheck to paycheck and getting killed by interest and the loss of value due to the passage of time.

I was able to live somewhat stress free after filing bankruptcy. With no phone calls from creditors and peace of mind knowing that I took a prudent and justified action, I was and am able to move forward in life, benefiting from learning from my past mistakes.

I would recommend bankruptcy to anyone who truly can't make good on collateralized loans including auto loans and mortgages.

People need vehicles to travel and homes to live in. If you're in fear of losing these fundamental assets then bankruptcy has to be on the table as an option.

Contributed Anonymously