Atlanta Bankruptcy Can Alleviate Stress Caused by Debt Problems, Lack of Financial Willpower
Family and financial difficulties may be causing Atlanta residents to suffer from unhealthy amounts of stress, according to a recently released survey.
While the American Psychological Association poll showed that stress levels in Atlanta have fallen slightly since peaking last year, the area still reported an average stress level of 5.3 on a 10-point scale - more than three times what's considered healthy. Up to 67 percent of Atlanta participants said they have trouble managing and reducing stress.
For some, filing for an Atlanta bankruptcy may provide much-needed relief.
Those who suffered the most stress were usually caregivers of an elderly or ill family member. Atlanta bankruptcy lawyers can attest that, on top of the obvious emotional burden, many clients caring for a relative often end up carrying a significant financial burden.
At the heart of the problem may be willpower.
One third of adults cited lack of willpower as a barrier to overcoming stress, and more than half of these Atlantans said they need more confidence to make a change.
It takes determination to dig out from underneath layers of credit card debt and medical bills. There's no way around it - large debts require sacrifices and lifestyle changes. The only way to regain control of debt is to pay enough each month to lower the balance. But paying more than the minimum on a $10,000-plus debt burden can leave little cash leftover for other expenses.
Lowering debt little by little can be done. But for many, maintaining the willpower to stick to a tight budget year after year is just not realistic.
When a financial situation becomes overwhelming - let's say that an expensive mortgage, hospital bills or unemployment led you to drive up your credit card balance - bankruptcy can provide the breathing room needed to make changing your money habits possible.
Filing for Chapter 7 bankruptcy can eliminate most or all of a person's unsecured debt. In exchange, filers may occasionally be required to give up some assets - though many types of property are exempt. Chapter 13 is another Atlanta bankruptcy option that legally protects assets, but involves committing to a repayment plan for debt. After the repayment period is up, remaining debt can be forgiven.
Stress over debt takes a toll on health. People suffering from financial troubles can experience health problems ranging from regular headaches to medical maladies as serious as ulcers, clinical depression, and even heart attacks, according to the Associated Press.
Dealing with debt sooner rather than later can save money and your health. If you're overwhelmed, bankruptcy can provide the tools and motivation you need to make a change.
More Blog Entries:
Atlanta Residents Stress Still Higher Than Healthy, American Psychological Association, PR Newswire
Stress Over Debt Taking Toll on Health, by Jeannine Aversa, Associated Press