Many times, people dealing with large amounts of debt don’t realize that the stress of carrying that much debt affects every part of their lives. You may think that you are able to compartmentalize and keep your financial stresses separate, but that is not usually the case. Let’s look at the ways that debt can affect your social life – and how filing bankruptcy in Denver can help.
Passing on Social Situations Because You Can’t Afford It
Humans are social creatures – we want to spend time and socialize with each other. In our culture, that often means going out to eat, going out for drinks, going to the movies, or even vacationing together. The problem is, many of the social activities someone gets invited to costs money. It’s hard when you are dealing with a lot of debt and on a very strict budget with no disposable income to be able to participate in those activities. It reminds me of the episode of Friends where Rachel, Phoebe, and Joey order next to nothing at a restaurant because they are too embarrassed to admit that they can’t afford to go out and spend money like the rest of the group. You either have to stress and find the cheapest items to order – not really enjoying the experience – or say not because of your debt.
Dating and Debt: A Red Flag for Potential Mates?
Unfortunately, debt can be a major turn off when it comes to dating. Debt can be a red flag for a potential mate. Now here, the type of debt matters. Credit card and student loan debts are seen as more problematic than a mortgage or business loan. The fact is, anyone seriously considering taking the next step with a romantic partner knows that marrying someone means that you marry their debt. Not only that, but if some may see debt as proof of irresponsibility. While we absolutely know better, the stigma surrounding debt is deeply engrained.
How Bankruptcy Can Better Your Social Life
Simply, filing a Chapter 7 or Chapter 13 bankruptcy will allow you more disposable income because your debt to income ratio will improve. Even with Chapter 13 bankruptcy, where a monthly payment must be made toward your repayment plan, you will still see some income freed up for social activities.
If you are ready to file for bankruptcy and change your social life for the better, contact attorney Barry Arrington at 303-205-7870 for a free initial consultation and begin your journey toward financial freedom.