CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Should You Be Afraid of Bankruptcy?

Bankruptcy has a bad reputation. People do all they can to avoid filing and even those who have never considered it assume that anyone associated with bankruptcy is shady or looking to take advantage of the financially insecure.

But those who discourage debtors from filing for bankruptcy often have an angle, too. It’s possible to make money off of someone afraid of filing for bankruptcy and all too often, it leads people down a more damaging road than just filing. Being scared to file for bankruptcy can hurt you even more than filing.

How so?

There are people out there preying on those who are struggling financially but frightened of filing for bankruptcy. They know there’s a bankruptcy stigma and they are willing to use it to their own benefit. Misunderstanding and fear over bankruptcy allow unscrupulous individuals to profit.

Of course, filing for bankruptcy isn’t an ideal situation. It’s not something you should aim to achieve and it should be seen as one of your last financial resorts. But it’s important not to view bankruptcy as the worst thing that can happen to you. It’s not the end of your financial life and it won’t ruin you.

It’s a tool to get you back on track financially.

Dealing with Bankruptcy Misinformation

The misinformation out there about bankruptcy is spread by those who stand to profit off of you being afraid to file.

That bankruptcy is the worst possible choice you could make is a myth perpetuated by debt settlement companies, creditors, and others who can make money off of your continued debt problems or who would lose money if you filed.

In many cases, their number one goal is to keep you paying toward your debt, regardless whether you ever pay it down or pay it off, and by filing for bankruptcy, you are stopping their money train in its tracks. It’s easy to see why they’d go to any lengths to prevent you from filing.

What are some of the tricks they use to convince you not to file for bankruptcy?

  • They offer to help you pay your debts and avoid bankruptcy by negotiating a repayment plan. Sometimes this works, but more often than not, they’re only negotiating on their own behalf and you’re getting further and further into debt.
  • They send the message that bankruptcy is for losers or for those who have been foolish with their money. The truth is everyone is at risk for financial hardship and those who choose to file often do so because of situations that were completely beyond their control.
  • They tell you that bankruptcy will ruin you financially and you’ll never be able to buy a home, get a loan, or do anything else that “responsible” consumers do. Actually, though, bankruptcy can make these things possible again. Being in debt prevents you from having financial freedom, while bankruptcy makes it possible to work your way back to it.

Should You Live in Fear of Bankruptcy?

The simplest answer: no. There is no reason to be afraid of filing for bankruptcy. You shouldn’t make it one of your goals, but if you find yourself struggling financially, you should seriously consider whether bankruptcy will benefit you.

You need to view filing for bankruptcy as one of your viable options for resolving your financial struggles. Maybe it’s not right for you and you’ll opt to handle your situation differently. Or maybe it is the best option and moving forward sooner rather than later will save you money and frustration.

The key is to not let fear drive your choice. Learn as much as you can about bankruptcy and base your decision on factual information, not on being scared of what you’ve heard or read about bankruptcy.

If you’d like to learn more about filing for bankruptcy or you are ready to discuss your financial situation with someone who can help, contact the Law Office of Robert M. Geller at (813)-254-5696.

Archive

Tampa Bankruptcy Law Blog

3 Ways You Can File for Bankruptcy

Ways to File for Bankruptcy Filing for bankruptcy is one of the best ways for many people to get their...
Read More

5 Benefits of Filing for Bankruptcy from Home

Filing from Home Filing for bankruptcy from home is one of the best ways to get your financial life back...
Read More

3 Tips to Help You File for Bankruptcy at Home

File for Bankruptcy at Home It might surprise many people to learn that you can file for bankruptcy from home....
Read More

3 Reasons Why Now is the Best Time to File for Bankruptcy from Home

File for Bankruptcy from Home Filing for bankruptcy from home is one of the safest and most convenient options you...
Read More

What is a Bankruptcy SOFA?

Bankruptcy SOFA Filing for bankruptcy requires a lot of paperwork. The majority of bankruptcy paperwork includes schedules that list your...
Read More

What is a Rule 2004 Exam?

Rule 2004 Exam Bankruptcy cases are handled in a bankruptcy court, but rarely do people who file need to make...
Read More

What is a Tuition Clawback?

Tuition Clawback Student loans are one of the primary causes of financial struggles and a common reason people ultimately file...
Read More

What is a Preferential Transfer?

Preferential Transfer When you file for bankruptcy, the bankruptcy court determines the order of payments.  This is true for both...
Read More

3 Tips for Choosing a Bankruptcy Lawyer

Bankruptcy Lawyer Bankruptcy is one of the most common reasons for someone to need an attorney. Filing for bankruptcy is...
Read More

What Does Presumption of Abuse Mean and What’s Its Role in Bankruptcy?

Presumption of Abuse Deciding to file for bankruptcy is an intimidating experience. It becomes even more so as the process...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

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

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo comodo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

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

Map And Directions

St. Petersburg 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

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions