Bankruptcy: Is It Time to Rethink Your Reasons for Not Filing?

For many, bankruptcy is an absolute last resort – the final step a person takes after he or she has tried ignoring the problem, negotiating with creditors, and maybe even begging for relief.

In some cases, bankruptcy is avoided because of its reputation. Of course, bankruptcy is nobody’s first choice for managing debt, but it can be an effective tool for helping you resolve serious financial challenges, once you understand a lot of its reputation is based on myth.

If you’ve been using excuses to avoid bankruptcy or you’ve heard it’s the worst thing you can do, it’s time to take another look. What are some of the most common reasons people avoid filing for bankruptcy and what should you know about the process before postponing filing for another day?

Bankruptcy Does Not Mean You’ll Never Get Credit Again

Bankruptcy has an effect on your credit, and there’s no mistaking, it’s a negative effect. You’ll struggle for some time after filing to rebuild your credit, and there’s a chance you’ll be turned down for loans because you filed.

But think about your current situation.

Would you be approved for a loan based on your current financial conditions? Is missing payments every month and getting deeper and deeper into debt with fees and penalties helping your credit?

Of course not.

So while your credit will take a hit from bankruptcy, it’s the last hit it will take before you begin rebuilding. Filing for bankruptcy is the first step you’ll take to a new financial beginning.

To learn more about rebuilding your credit after bankruptcy, check out this article from NerdWallet.

Bankruptcy is a Cop Out and I’m Responsible for My Debts

Many people avoid filing because they view it as giving up or cheating the system. They believe if they incurred the debts they should pay them back, in full.

The problem is paying back a debt in full isn’t always an option. The terms of a loan can make it impossible to ever repay it, especially with high interest rates, ballooning payments, penalties, and all of the fees associated with it.

Wanting to follow through on your commitment on a loan is admirable, but it isn’t always the smartest financial option. Not to mention it can put your family at risk.

Ask yourself “could my pride and my desire to follow through could cost my family their home or jeopardize my children’s education?”

Bankruptcy provides certain financial protections and as much as you don’t want to accept it, filing might be what’s best for your loved ones.

Bankruptcy is Embarrassing

The simplest way to deal with the feelings you’re having about bankruptcy is to take an objective look at your situation. The bottom line? It might be embarrassing or you might feel ashamed, but if it ultimately helps your situation, why worry about how you are feeling in the present moment?

Dealing with long-term money problems, fighting off creditors, and being taken to court to have your wages garnished or a lien put on your home is just as embarrassing – maybe more so – than filing for bankruptcy. Let go of your current attitude toward bankruptcy and accept it for what it is: a tool that can help you improve your situation.

If you’d like to learn more or you’re ready to discuss the benefits bankruptcy has to offer, contact the Law Office of Robert M. Geller at 813.254.5696.

Will My Bankruptcy Affect My Children?
Debt Management vs. Bankruptcy: What You Should Kn...

Video Testimonials

Contact Us

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy

Tampa Bankruptcy Attorneys - Law Firm Profile

Tampa Bankruptcy Attorneys - Law Firm Profile
Tampa Bankruptcy Attorneys - Law Firm Profile

Chapter 7 Bankruptcy in Tampa - Robert Geller Bankruptcy Lawyer
Chapter 7 Bankruptcy in Tampa - Robert Geller Bankruptcy Lawyer

Chapter 13 Bankruptcy Lawyer in Tampa, FL, Robert M. Geller Attorney
Chapter 13 Bankruptcy Lawyer in Tampa, FL, Robert M. Geller Attorney

Creditor Harassment - Robert Geller Tampa Bankruptcy Attorney
Creditor Harassment - Robert Geller Tampa Bankruptcy Attorney
comodo 10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2017 Robert Marc GellerReviewsout of 32 reviews LEA

We are A Debt Relief Agency.
We help people file for
bankruptcy under the Bankruptcy Code

Pay Online    

Office Locations

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405
Maps & Directions

Tampa Law Office Map

Satellite Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G

St. Petersburg, FL 33701
T: 727-532-3939
Maps & Directions

Map and Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater, St. Petersburg, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.