Every one knows that people that file bankruptcy are total losers. President Harry S. Truman filed as did Walt Disney. Despite these examples people believe they will somehow be less in society's eyes. It is strange to feel better about being $50,000.00 in than to be debt free and bankrupt
Many clients put their nose to the grind stone and just try to work their way out of an unworkable mess. It just does not work and it becomes a crutch for not dealing with the reality of debt.
The power of the unknown is amazing. Many individuals recite bankruptcy horror stories that are not based in reality. The lie remains the "truth" until dispelled.
HEAD IN THE GROUND
Just bury your head and the problem will go away. This is a way to not make a decision until the creditors make the decision for you by suing you or garnishing wages. It is very common to see individuals that have hoped the problems would just go away. They do not go away and usually inaction makes them bigger.
I WILL LOSE EVERYTHING
The opposite is true. If you do nothing you may in fact lose everything. With bankruptcy there are exemptions that allow you to generally keep most of your property.
EVERYONE WILL KNOW
This is a common misconception. Bankruptcy is generally as private as you want to keep it. It will appear on your credit bureau but will not be publicized in a newspaper of general circulation.
MY CREDIT WILL BE RUINED FOREVER
This is an interesting position. Actually you ruin your credit as you get in bad financial shape. Bankruptcy will drive your score down but it is a fresh start and your future is what you make of it.
What camp are you in? Find out where you stand as an individual regarding debt, fear and reality. Your emotional reluctance to do what is best for you and your family ids likely directly connected to your feelings of worth and fear of failure. It may be you have to discuss these feeling with a professional counselor. Do not the emotional feelings freeze you into inaction? Talk to a bankruptcy professional and get the real perspective on your options. Ad you place your headaches in the hands of an attorney that can resolve them you will find that you are suddenly sleeping at night. Your only racing thought will be why you didn't do something sooner.