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8 Reasons Bankruptcy May Be the Wisest Investment You Ever Make

January 8, 2019

8 Reasons Bankruptcy May Be the Wisest Investment You Ever Make

When you think of bankruptcy, you may not think of it as an investment but that is exactly what it is. At California Bankruptcy Relief we are always happy to provide a free bankruptcy consultation for anyone who wants to better understand their options – just call us at (888) 748-0025. In the meantime, read on for eight of the ways in which bankruptcy is a great investment.

  1. It Relieves Stress

  2. How much stress are you under on a daily basis when you can’t pay your bills? How stressful are collection calls? That stress is not just an annoyance, it can lead a person to make poor financial decisions. When you add in the physical damage stress can do, it is easy to see that filing for bankruptcy can be a great investment in your health.

  3. Bankruptcy Does Not Generate Tax

  4. If you are in debt and considering settling your debts for less than you owe, consider that doing so will generate taxes. Federal tax law requires that you pay tax on the money you did not pay. On the other hand, bankruptcy does not come with any additional taxes.

  5. Your Credit Starts Healing as Soon as Your Bankruptcy is in Danger

  6. If you choose debt consolidation or repayment, your credit will not start healing until you have paid off all your debts. On the other hand, bankruptcy allows your credit to start getting back on track as soon as it is discharged.

  7. It Can Take You Decades to Pay Off Credit Cards

  8. If you simply make the minimum payments on your credit cards, it could take 20 – 35 years to pay them off. Wouldn’t the interest paid on that debt be better used elsewhere?

  9. Severe Debt Can Have a Negative Impact on Relationships

  10. Whether you are single or married, all sorts of relationships can become tense and difficult if you are living in debt. Filing for bankruptcy could save important relationships I your life.

  11. You’ll Be Able to Save for Retirement

  12. If you are currently spending hundreds or even thousands of dollars every month on interest and fees for your debt, imagine how much better it would feel to put that aside for retirement.

  13. You May Not Qualify Later

  14. If you wait to file for bankruptcy, you run the risk of your income or other factors changing so that you no longer pass the means test.

  15. It’s an Actual Solution

  16. Whatever you are doing to address your debt today, how long have you been doing that? Has it been successful? Is there a reason to believe that it may be helpful in the future? Bankruptcy may not your preferred option but it is an actual solution.

Now is a great time to contact California Bankruptcy Relief at (888) 748-0025 and ask for a free bankruptcy consultation.

Riverside Bankruptcy Law Office

10580 Magnolia Ave, Suite A
Riverside, CA 92505
(951) 389-4070

DISCLAIMER: The information on this website is for general purposes only and should not be considered legal advice. It is not intended to create an attorney-client relationship. California Bankruptcy Relief is a federally approved debt relief agency that provides legal assistance to people and businesses seeking relief under the United States Bankruptcy Code. For more information, please view our Privacy Policy.

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