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Are there positive aspects of Chapter 7 bankruptcy?

When Most Washington consumers think about their debt relief options, they view the matter through a very limited scope. Chapter 7 bankruptcy is often viewed as an absolute last ditch option, to be avoided at all costs. In fact, many people will spend several years and many thousands of dollars trying to regain control over their finances, only to eventually end up filing for bankruptcy protection. It is important to take a fair and objective view of the matter, and to look at the upsides of personal bankruptcy.

One benefit that comes with the bankruptcy process is the opportunity to gain improved awareness of financial management skills. By delving deeply into one's finances, there are many areas where lessons can be learned and improvements can be made down the line. That allows individual to take control over their own financial future, and to amass the skills needed to reach new levels of success.

Another silver lining is the chance to shift focus away from crisis management, and toward building stability for the future. Often, by the time a person is ready to file for bankruptcy, he or she is so mired in debt and credit issues that there is little chance to focus on anything other than the current crisis at hand. All of that time and energy can be redirected toward building a stronger future once the bankruptcy process is underway.

Filing for Chapter 7 bankruptcy marks the end of a great deal of financial turmoil for Washington residents. It also marks a new beginning, and a chance to build the future that an individual truly desires. For those who would like to learn more about their options in regard to personal bankruptcy, speaking with an attorney is a great place to begin.  

Source: ebony.com, "The Bright Sides to Filing for Chapter 7 Bankruptcy", Kara I. Stevens, Jan. 4, 2017

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