Are you putting off filing for bankruptcy because you keep hoping that you’ll discover a miraculous way to turn your financial situation around?
The odds are good that it’s nothing but a sense of guilt over your perceived financial failings holding you back — and that’s probably keeping you from moving forward.
Bankruptcy is designed to give people a fresh start when the financial demands of life become overwhelming. Unfortunately, many people stay locked in a miserable financial position — a “sweatbox” that is both mentally and physically draining — for years before they finally file.
Recent studies of people who have gone bankrupt show that more than 66 percent delayed filing for over two years after they reached the point where they couldn’t even afford ordinary necessities — including food. In about a third of the cases, people delayed filing five years or more!
Unfortunately, all of that struggling actually leads to a far worse outcome than seen by those who simply accept their circumstances and file bankruptcy with a minimal delay. The longer you struggle with your debts, the more likely:
- You will actually increase your total debt (instead of lowering it)
- You may face lawsuits from debt collectors
- You may lose more of your assets and have less when you finally start over
- Your credit score will continue to sink
All of these financial factors are in addition to the emotional toll that struggling with debt may take on your psyche and your health over time.
Bankruptcy is a financial tool, like any other financial tool. Not everyone is blessed with generous parents, good health, steady employment and all the other things that can help people weather the financial pitfalls in life. If you’ve been denying yourself medical care, food, clothing, adequate housing and other basic essentials in an effort to overcome your debt, it’s time to reconsider your choices. There are better options — and bankruptcy is among them.