Unfortunately, there are many myths surrounding bankruptcy. It is easy to look at this process and see nothing more than the benefits. However, you must also become familiar with the potential pitfalls.
Over the years, we have helped thousands of people file for bankruptcy. At the same time, we have advised quite a few people to avoid this at all costs.
In the past, we have discussed how to avoid bankruptcy. Now, we are going to take a closer look at why you should avoid this process:
- It will cost you money. This isn’t the best reason to avoid bankruptcy, but is something to keep in mind. There may be more affordable ways to improve your finances, such as credit counseling or consolidation.
- Your credit will take a hit. Did you know that a bankruptcy filing will stay on your credit report for a minimum of seven years? As a result, your ability to obtain a loan, such as for a new car, will be hindered.
- Stress, stress, and more stress. Let’s face it: if you are considering bankruptcy, you already know a thing or two about financial stress and anxiety. If you decide to move forward, don’t expect this to go away immediately. In fact, your stress level may go through the roof.
These are three of the primary reasons to avoid bankruptcy. If you still believe this is your best option, don’t wait around any longer to learn more. Instead, contact us for professional guidance. We can help you understand the process, including the pros and cons, while also assisting you with all the necessary paperwork should you decide to take the next step.