Even though there may be signs pointing you toward bankruptcy, it is only natural to have some reservations. Even if you understand the benefits, you may not be ready to jump forward just yet. After all, this is a big decision that will have a long term impact on your finances.
Once you understand what is holding you back, it becomes much easier to adjust your mindset in order to make an informed decision. Here are some of the major hang-ups:
- Lack of information regarding the pros and cons of bankruptcy. It is essential to understand the good and the bad. Until you have this knowledge, you will not feel comfortable making a final decision.
- Uncertainty about how your situation will change. Will you lose any property? Are you comfortable with making a Chapter 13 repayment plan payment every month? What will happen to your credit score?
There is no denying the fact that your situation will change once you file for bankruptcy. You need to understand what will change and how to deal with any pitfalls.
- No knowledge regarding the process of filing. Some people think they have to file for bankruptcy on their own. They don’t understand that professional help is available. There is no law requiring you to work with a bankruptcy attorney, but this can put your mind at ease. It is nice to know that a professional is guiding you, making sure you take the right steps and make the right decisions.
These are just a few of the many things that could be holding you back from filing for bankruptcy. Once you better understand your situation, you can make decisions that allow you to move forward if the time comes.
Those who require professional help can contact us for a free consultation. We are more than happy to review your situation and help you decide which steps to take.