' Should You Be Afraid of Bankruptcy? - Law Offices of Robert M. Geller
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

Video Testimonials

Tampa Bankruptcy Law Blog

Can Bankruptcy Stop Foreclosure?

Many people face the distressing prospect of foreclosure on their homes. If you find yourself in this situation, it's crucial...
Read More

How Much Does It Cost to File Bankruptcy in Florida?

Financial challenges can be overwhelming. For many individuals, bankruptcy becomes a viable option for a fresh start. Many clients are...
Read More

How to Get Out of Debt: Exploring Your Options

Debt is a pervasive issue that affects millions of people worldwide. It is hard to escape debt, especially if you...
Read More

How Will Bankruptcy Affect My Child Support Obligations?

Parenting can be tough, and it's even harder when you're facing financial difficulties. Struggling with debt and bankruptcy can cause...
Read More

Student Loans: Is Discharge in Bankruptcy Possible?

Student loans have become a necessary evil for most students to pursue higher education. The cost of education has increased...
Read More

Should I File Bankruptcy for Credit Card Debt?

Credit card debt can be a huge burden on our financial lives. The pressure to make payments, maintain balances, and...
Read More

Can Bankruptcy Stop Wage Garnishment?

Wage garnishment is a legal process in which a creditor can collect a debt by receiving a court order that...
Read More

Bankruptcy Guide: How It Works, Types, and Consequences

Dealing with money problems can be a stressful and overwhelming experience. Sometimes, debt can become unmanageable, and it may feel...
Read More

What to Say to Someone Going through Financial Problems

Financial problems can be one of the most stressful experiences a person can go through. If you know someone who...
Read More

How Do People Get Into Debt?

How do people get into debt? Are you struggling with debt? Do you feel like the weight of your financial...
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

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