Allowing Your Emotions to Keep You From Filing Bankruptcy

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Just ask any bankruptcy lawyer and they will tell you that the number one reason that most people avoid filing bankruptcy is because of their emotions. When people have financial difficulties they become very stressed out and allow their emotions to get the best of them. At this time, their decision-making skills have been diminished to virtually nothing. They can go and to consult with a bankruptcy lawyer and be told that they need to file bankruptcy, only to leave the office and decide against it.

With the economy in the tank many Americans are facing financial difficulties today. With this comes the emotional decision of whether or not to use filing bankruptcy to eliminate this debt. While in reality these individuals should be making rational choices and not rely on emotions, they base their decisions on their feelings. There are three basic things that come into play when someone is making a decision on whether or not to file for bankruptcy. Everyone knows the problems that come from fear, pride and stress.

Stress causes people to disconnect and bury their head in the sand, pretending like there’s not a problem at all. People having financial difficulties that should be filing bankruptcy, shutdown and avoid contact with their creditors and even people that might be willing to help them out of their problem. This disconnect seems to make the problem go away, at least temporarily. Some even go as far as using drugs or alcohol to mask the stress of the problem. While facing the problem head-on will make the pain go away much quicker, many people just can’t acknowledge it.

Another reason that many avoid filing bankruptcy is because of their pride. Their pride tells them that if they file for bankruptcy they are a failure. In reality, filing bankruptcy does not make anyone a failure as you can see in corporate America many companies use bankruptcy filing as a way to clear the balance sheets, renegotiate employment contracts and get out of other bad financial decisions made in the past. Many corporations leave bankruptcy filing being leaner and meaner and on the road to be more profitable. In the business world, filing bankruptcy makes sense and it should be the same in our personal lives.

The last reason people try and avoid filing for bankruptcy is because of fear. With a bankruptcy filing comes the fear of the unknown. In the past, bankruptcy has had a stigma of a mark of shame, while this is not as true as it was in the past, the fear still lingers on. Many bankruptcy attorneys believe that much of the stigma and fear that people have is due to the propaganda that has been perpetuated by the credit industry. The credit industry would like consumers to believe that if they file for bankruptcy they will never get credit again. This is far from the truth as many people shortly after filing bankruptcy received offers for credit in the mail. Over the years, Creditors have stretched the truth just to get a few more bucks out of the debtor.

People in financial trouble need to put their emotions aside and make a rational decision regarding the possibility of filing bankruptcy. Taking the time to sit down and discuss this with a bankruptcy lawyer will many times calm the fears they have. A bankruptcy lawyer will tell you, the only complaint that people have about filing bankruptcy is they didn’t do it sooner.


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