couple stressed out over bills and delaying bankruptcyWhether we are in a recession or not, it is not easy to earn enough to live comfortably in today’s world. You would be surprised to learn how many Dallas-area residents struggle on a monthly basis to simply make ends meed. Adding children or additional vehicle payments to the mix make a difficult situation even tougher. All it takes is one unexpected expense to send finances (and debt) spinning out of control.

Sure, many families put money aside for unexpected expenses, they rarely have enough to cover for whatever might happen. Whether it’s an accident, the sudden loss of a job, an illness, or even a natural disaster, it does not take much to deplete any savings. Before long at all, bills start to pile up and debt starts to grow to uncontrollable levels.

Unfortunately, most people take a “head in the sand” approach to financial difficulties. It is so much easier to ignore the severity of the situation than to admit that there is a massive problem with uncontrollable debt. Most people who file for bankruptcy are incredibly releived at how easy the process is and how much less stressful life is after filing – so why do the majority of people wait so long to file?

In almost every case, people delay filing for bankruptcy because they believe the bankruptcy myths. Some of the most common reasons people delay filing for bankruptcy are:

  • People think that filing for bankruptcy will be too expensive to afford
  • People think that filing for bankruptcy will be a difficult, stressful process
  • People think that friends and family will find out and they will be embarrassed
  • People think that they will lose their home and/or vehicles if they file for bankruptcy
  • People think that filing for bankruptcy will destroy their credit

Don’t believe the (unfounded) stigma around bankruptcy – none of these reasons are true!

Waiting to file bankruptcy only makes things worse

Procrastination only worsens your financial situation. If you are already struggling to pay bills, or even paying late or skipping bills, waiting will only result in more missed payments and increased debt. The collection calls will increase in frequency and aggression. Stress levels will skyrocket.

Filing for bankruptcy is actually incredibly affordable. Friends and family members shouldn’t even know that you filed for bankruptcy (unless you tell them). It is rare that people lose property because of a bankruptcy filing. Many people who file for bankruptcy are shocked to see that their credit recovers after a period – even to the point of being able to obtain new credit.

Depending on the type of bankruptcy that you file, your debts will either be discharged or you will be put on a repayment plan. If you file for a Chapter 7 bankruptcy, nearly all unsecured debts can be discharged, which means they’re erased. You will be in a much better financial position than you were before filing. If you file for a Chapter 13 bankruptcy, your debt is restructured and you are given time to pay off your debt – typically, a period of several years.

Bankruptcy is meant to help, not to hurt

The most important thing to remember is that the government created bankruptcy laws to help people who have fallen into bad situations. The goal of bankruptcy is to give you a fresh start, not to make your future worse. If you are struggling to pay your bills or you are already in a situation where your debt is spiraling out of control, you should talk to an experienced bankruptcy attorney as soon as possible.

We have helped thousands of Dallas-area residents get a fresh start with bankruptcy. We know that you are stressed, scared, and intimidated by bankruptcy. Our attorneys take a different approach to bankruptcy cases – we treat you with dignity and respect, and we’ll spend the time to explain all of the available options so that you are able to make the best choice for your family and your future. Don’t wait any longer – call us today to schedule a free consultation with one of our experienced bankruptcy attorneys.