At McElroy & Associates, We Understand That Bad Things Can Happen To Good People

Get A Fresh Start Through Bankruptcy

Bankruptcy can be good for your health

On Behalf of | Sep 19, 2018 | What Bankruptcy Can Do |

You might find it strange to say that bankruptcy can be good for your health. If bankruptcy places such a stigma on the person filing for it, why would it be good for your health? The answer is because many Tennessee residents who fear going bankrupt will do anything to make payments on their debt, including diverting money from buying food and medicine. However, doing so may only delay your inevitable need to file bankruptcy and also damage your health in the process.

Nerdwallet chronicled in a recent article that some people will not pay for essentials just to avoid filing for bankruptcy. The article cites a study from Notre Dame Law Review that found 32 percent of people who delayed filing for bankruptcy went without food during that time period. The survey also found that as many as 60 percent of people putting off bankruptcy elected not to get medical treatment.

Some people may think they can skip meals and be just fine, but depriving your body of nutrients can cause any number of health problems. points out that a lack of proper nutrition can make a person feel irritable, depressed or tired. It can also turn hair dry or brittle, make a tongue appear pale, and distort your fingernails so they curve up from your fingers. A lack of food can basically make it harder to get through the day and drain you of your drive.

In addition to forgoing some essentials, the weight of debt can produce a lot of stress. Without a way to discharge debt, you could be accosted by debt collection agencies and possibly even lawsuits for the outstanding money. Additionally, trying to manage the debt without bankruptcy only depletes what you already have. You might resort to strategies such as taking on more debt to pay off existing debt, but in the end such actions do nothing to help and just deepen your financial hole. The end result would likely leave you scared, confused and stressed out.

In the end, many people who suffer under burdening debt are putting off the inevitable when they delay filing for bankruptcy. If you find yourself afraid of bankruptcy, know that debt should never force you to endanger your health just to avoid going bankrupt. Discharging your debts can help you create a fresh financial start that much sooner and also make it possible for you to pay for essentials without worry.