Bankruptcy Benefits: Relieving Financial Anxiety

There are many bankruptcy benefits that people who are in debt experience when they declare bankruptcy. One of the biggest and most important benefits is relief from financial anxiety. Far too many people experience ongoing money worries that affect their lives. Being worried all the time about money and debt can have an adverse impact on your health. The stress of money worries can also impact your relationships and your enjoyment of life. You should not have to be worried about money all the time when bankruptcy can provide a way out of the debt trap. big-money-1241060

Financial Anxiety Among Americans

Motley Fool provides some troubling information about the extent of Americans who face ongoing financial stress and money worries. The data comes from a survey of 2,646 U.S. adults. Among the survey respondents, a full 85 percent of people said they felt at least some form of financial anxiety. This financial anxiety was not minor worries either:

  • Around 2/3 of the people who were surveyed said that their health had been negatively affected by their financial worries.
  • 70 percent of survey respondents said that their worries about money affected their home life.
  • 51 percent of people surveyed said that their financial stress and anxiety were having a negative impact on their own social life.
  • More than 25 percent of respondents said that they worried about their financial situation on a daily basis.

The anxiety that Americans feel about money is getting worse, not better. Thirty-six percent of Americans said that their levels of financial anxiety have increased over the past three years. By contrast, only 14 percent of people said that their financial worries have decreased during this period of time.

There are some common trends among the money worries that most Americans have. Some of the most common sources of financial anxiety include:

  • Experiencing an unplanned emergency which they cannot afford the cost of.
  • Suffering an illness that results in unplanned medical expenses.
  • Not having a sufficient amount of money saved up to retire.
  • Outliving the amount of retirement savings that you have.
  • Becoming a financial burden on children or other family members.
  • Not having enough money to afford healthcare.
  • Loss of employment.
  • Becoming a victim of identity theft.
  • Experiencing a period of extended unemployment.
  • Loss of the primary breadwinner for a family or death of a primary family breadwinner.
  • Having poor credit.
  • Getting into debt and having to declare bankruptcy
  • Becoming a victim of a financial scam.

These money worries are legitimate sources of concern. Most Americans simply do not have enough savings to cope with the loss of a job, a medical emergency, or other unexpected expenses. If you do find yourself in debt, however, bankruptcy should not be viewed as a last resort or as a bad thing but instead as a way to escape from the financial stress. Bankruptcy can offer you a clean slate when you need it, and the ability to get a fresh start is on of the biggest bankruptcy benefits you can experience.

 

Call Matthews & Megna to discuss your options if you are considering bankruptcy.

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