File for Bankruptcy and Have a Happier Life

This article in reiterates the message we can stress enough: If you are stressed out by crushing debt, then file for bankruptcy and get on with your life. Do not overlook the emotional, psychological and social tool of financial distress as well as the physical stress.

According to the article, a new study reveals that filing for bankruptcy may be a solution that eases the financial and physical stress more than ever suspected. The goal of the study was to determine the impact of a Chapter 13 bankruptcy on earnings, the rate of foreclosures and mortality. The study applies to Chapter 13 bankruptcy repayment plans.

The researchers report “compelling evidence that Chapter 13 bankruptcy protection benefits debtors. Over the first five post-filing years, Chapter 13 protection increases the marginal recipient’s annual earnings by $5,562, a 25.1% increase from the pre-filing mean. Employment increases by 6.8 percentage points over the same time period, an 8.3% increase from the baseline mean. And five-year home foreclosure rates decrease by 19.1 percentage points, a more than 100% decrease from the dismissed filer foreclosure rate.”

The study also found that filers who were successful in gaining debt relief lived longer than those whose cases were dismissed. None of this seems surprising: overwhelming debt is stressful. Stress kills. File bankruptcy, live longer – we like that message.

No one is in a hurry to make the decision to file and for most people it is a highly subjective decision and the subjectivity of it leads to indecision. When you seek advice and counsel from a skilled specialist, objective tests are applied to your situation and those can confirm or deny your subjective perceptions. If you had cancer,  you would see a specialist for objective advice.  If you think you have financial cancer, come see Doctor Cossitt for an objective assessment and treatment plan.

Contact Jim Cossitt at 406-752-5616 to schedule an initial consultation and start taking charge of your financial future. Get a clean slate and get on with your life.


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