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How Fear of Bankruptcy Can Keep You Financially Stuck

money tightropeEliminating Financial Problems through Bankruptcy can be a Path to a Brighter Future

Bankruptcy is one of the most useful tools provided to those living in the United States to help with financial challenges. It’s available to most people who are struggling with debt and can be the best option to help them get back on track

So why do so many people put off filing for bankruptcy when it can help them?

In many cases, the answer is “fear.”

People fear filing for bankruptcy because they don’t want other people to know they are struggling. They fear bankruptcy messing up their credit or they fear losing their homes or vehicles when they file.

The trouble is this fear is keeping them stuck in the financial mess they are in.

There’s no denying it: bankruptcy is a drastic move that will change your life forever. It’s a decision not to be taken lightly and it isn’t something you should rush into doing or do if you feel pressured or unsure if it’s right for you. But it’s also something that can make a significantly positive impact on your life.

The truth is many individuals and families would be better off filing for bankruptcy.

Bankruptcy Is Right for Many People

Millions of people have already filed for bankruptcy and found that despite their fear, it was the right move to make.

They were struggling to pay off credit card debt – or if not to pay it off, just to meet their monthly obligations. They were having trouble making ends meet and throwing money at a problem without ever seeing improvement. They were waking up each and every day, knowing every time the phone range it was likely to be someone on the other end demanding payment or threatening to file a lawsuit or take away something they love.

They opted to set their fear aside and when they did, they realized it was the best decision they’d made in a long time.

But even when bankruptcy is the best choice to make, taking that initial first step is still scary. If you decide to file for bankruptcy it will be a matter of public record. It will affect your credit and it will stay on your credit report for many years to come. It could affect your financial decisions in the future and it might even get a few friends or family upset with you.

Guess what?

It’s still the better option than living on the edge of financial destruction and knowing you are one late payment away from losing your home or having your bank account levied or losing your vehicle.

Your Financial Problems are More Serious than You Think

Debt isn’t healthy and having too much of it can kill you. That probably sounds dramatic, but when you consider the effect stress has on your health and you think about how much stress insurmountable debt causes, it’s easy to see how devastating debt can be.

If you think you’re scared now because you’re considering bankruptcy, wait until you are facing a huge hospital bill from problems with anxiety and other stress-related problems.

You can read more about the link between debt stress and poor health in this article from Health.com.

Regardless of where you stand emotionally on bankruptcy and how scared you are to file, it’s important to consider all of your options. Maybe your fears are correct and filing for bankruptcy isn’t right for you. But you need to make that decision completely educated regarding the pros and cons of bankruptcy and how they apply to your specific financial situation.

For more information or to schedule a consultation to discuss your options, contact the Law Office of Robert M. Geller at (813) 254-5696.

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T: (813) 254-5696
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