CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Should You Be Afraid of Bankruptcy?

Should You Be Afraid Of Bankruptcy Tampa, St Petersburg, And Pasco Florida.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

How Does Claiming Bankruptcy in Florida Affect Your Children?

Claiming Bankruptcy in Florida Understanding how claiming bankruptcy in Florida affects your children is an important part of determining whether...
Read More

Claiming Bankruptcy in Florida: What Happens When You File for Bankruptcy and Your Spouse Does Not?

Claiming Bankruptcy in Florida You already know how much the things you do affect your spouse when you are married....
Read More

Should You Pay Back What You Owe Loved Ones Before You File for Bankruptcy?

Florida Bankruptcy Laws It’s common for people who are struggling financially to turn to their friends and family for help....
Read More

Bankruptcy and Family Law: Does Filing Affect the Child Support I Pay or Receive?

Bankruptcy and Family Law If you’re like many people, the well-being of your children is your most important priority. Struggling...
Read More

5 Tips for Overcoming the Emotional Toll of Bankruptcy

Florida Bankruptcy Attorney Getting through the bankruptcy process is about more than just improving your finances. Working with a Florida...
Read More

Bankruptcy and Divorce: The Far-from-Perfect Storm

Bankruptcy and Family Law Bankruptcy and divorce separately are two of the most stressful events you can experience in your...
Read More

Does the Pandemic Have You in a Holding Pattern? Here’s How to Know When to File for COVID Bankruptcy

COVID Bankruptcy If you’re struggling to make ends meet and you feel as if your life is on hold because...
Read More

Will Your Favorite Retailer File for Business Bankruptcy in 2021?

Business Bankruptcy 2020 was a tumultuous year and many of the financial challenges caused by the pandemic are expected to...
Read More

Boosted and Extended Benefits Keeping Unemployed Afloat – But For How Long?

Unemployment Benefits Were you one of the millions of people who ended up out of a job and using unemployment...
Read More

Should Bankruptcy Laws Be Adjusted Because of COVID-19?

Bankruptcy Laws The COVID-19 pandemic brought a lot of changes throughout 2020 and many are expected to continue into 2021...
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 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