Anyone who has struggled with debt knows the huge emotional toll that such a struggle can take. Debt, particularly overwhelming debt, can cause a person to feel understandably trapped, depressed and under extreme stress and pressure. However, eliminating debt and taking care of one's creditors can provide significant psychological benefits to counteract the accumulation of immense stress.
While spending money typically brings some form of happiness to spenders, the debt brought on by that spending can easily overshadow those pleasant feelings. Those who feel crushed under the weight of overwhelming debt can find a fresh financial start by filing for Chapter 7 bankruptcy. This form of personal bankruptcy is centered on liquidation of assets in order to satisfy creditors' demands.