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Need debt relief? Choosing bankruptcy is often the best route

Sadly, there often seems to be no end to the number of myths that permeate the world of bankruptcy. One of those pervasive untruths is that people who seek debt relief by choosing bankruptcy are in some ways not quite as intelligent as those who do not. One expert recently weighed in on the matter, making a compelling argument as to why this myth is far from the truth. 

Perhaps part of the misconception of people in Washington who file for bankruptcy comes from conflating it as a moral issue, rather than the financial and legal decision that it is. When debt reaches an overwhelming and unreachable peak, even the Federal Reserve Bank of New York acknowledges that filing for bankruptcy results in a better and brighter financial outcome than avoiding the process. Part of this has to do with short-term and long-term visions. Filing for bankruptcy when necessary means getting back on financial track sooner and creating more time to sufficiently prepare for future needs, such as retirement. 

Additionally, giving creditors a head's up about bankruptcy intentions can ultimately keep them at bay. Many creditors ultimately attempt to have debtors wages garnished or they even seize and liquidate assets to satisfy a debt. If made aware that a bankruptcy filing is in process, these actions can be ceased with little trouble. 

Choosing bankruptcy is far from an irresponsible or ignorant act. Indeed, it is often an effective form of debt relief for people in Washington who have spent years weighed down by overwhelming debt and harassing phone calls from creditors. While bankruptcy might not be the correct course of action for everyone, avoiding it when it is otherwise necessary can end up doing much more harm in the long run.

Source: The Huffington Post, "Here Is Exactly Why People Who File Bankruptcy Are Smart", Steve Rhode, June 30, 2015

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