Choosing bankruptcy is not easy. You may have been struggling for years to dig your way out of credit card debt or pay medical bills that you could not realistically pay off in a lifetime.

While some people seem to take this step more easily than others, the relief can be life-changing. The collection calls stop, and you can see the light at the end of the tunnel for the first time, possibly in years. Though the relief can happen quickly, some financial issues may take a little longer to work through.

Credit repair

When you file a Chapter 13 bankruptcy, your credit score will experience a significant hit. It is important to begin rebuilding your credit immediately. Chapter 13 bankruptcy only stays on your credit history for seven years. Once your bankruptcy is in the past, review your credit report periodically to ensure it is gone. If it is not, you can call the creditor still reporting the bankruptcy and ask them to remove it.

Future lenders

While you are in the process of rebuilding your credit, new lenders may want to charge you a higher interest rate. Landlords may ask for a higher security deposit. However, as time goes on and you keep all of your payments current, these issues will lessen and eventually disappear.

Social stigma

While it does not seem to be as prevalent as in the past, there is often a stigma associated with bankruptcy, but remember that there are many reasons people end up in bankruptcy. Often it is for reasons outside their control.

If you are drowning in debt, the stress can feel overwhelming. Bankruptcy can provide relief from collection calls and give you a fresh start on the road to a solid financial future.