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How can bankruptcy protect your health?

On Behalf of | Sep 15, 2021 | Bankruptcy

However essential your house, car and other assets seem, they are all replaceable. Your health is not. Yet, it is easy to get into a situation where the assets you own harm your health. The debt you accrue to pay for stuff can wreak havoc on your mental and emotional wellbeing. That, in turn, can weaken your body’s immune system leaving you more open to physical health problems.

When you visit the doctor, they sometimes give a temporary solution such as painkillers. These do not treat the cause of the problem. They stop you from having to think about it for a while. The same applies to many debt solutions financial institutions offer. Transferring debt to a new loan or credit card will not resolve your debt. It lets you forget it for a while.

The only way to cure something is to tackle the source. That is where a Chapter 7 bankruptcy could come in.

Chapter 7 takes away the source of your pain

When you opt for Chapter 7, you ask the court to erase your unsecured debts such as credit cards, personal loans and medical bills. If you’re allowed to move forward with your filing, you may have to sacrifice assets in return.

You may be able to keep things such as your home, car and furniture if you can bring the outstanding payments on them up to date and agree to repay those debts in full. If you are unsure if you will meet all future payments, it may be best to let them go. Otherwise, they will continue to cause you stress and anxiety in the future.

Giving up things you worked hard for is not easy. Yet, consider the alternative. If you continue with debts that overwhelm you, it becomes ever more likely your health will suffer. When that happens, you will need to shell out more money on medical bills, worsening your financial situation further. Filing for bankruptcy cannot guarantee good health, but it can make it more likely.