Not Sure You Want To File For Bankruptcy? Here Are Four Things You Should Consider While You're Waiting
If you're in debt, and you can't find anyway out, bankruptcy is always an option. If you've decided against bankruptcy, you need to consider the options, such as credit counseling, debt consolidation loans, and payment negotiations. Once those avenues have failed, it will be time to sit down with a bankruptcy attorney. Bankruptcy is a viable way to get yourself out of the debt that is consuming your life. If you're still not happy with the thought of filing bankruptcy, here are four things you should take into consideration.
Your Debt Won't Go Away
If you've decided against bankruptcy, you need to know that your debt won't go away. You may want it to, but it's going to stay right there. In fact, the longer you take to file for bankruptcy, the bigger chance there is that your debt will continue to grow. That's because all those payments you're missing are accruing interest, which means that the amount you owe is continuing to increase. The longer you delay speaking to an attorney, the more debt you'll have.
Your Credit Score Will Continue to Fall
It's true that filing for bankruptcy will make your credit score drop. However, how far it drops depends on you. You see, each time you miss a payment, your credit score drops a few more points. In fact, it could drop even more than a few points with each missed payment. That means that while you're delaying bankruptcy, your credit score is falling more and more with each passing month. The longer you wait to file for bankruptcy, the lower your credit score will be. However, as soon as you file for bankruptcy, those monthly late notices stop, which means your credit score stops dropping until your bankruptcy is discharged.
Your Creditors Will Keep Harassing You
As soon as you're late with your payments, those creditors are going to start hounding you. The longer you avoid your creditors, the more they'll call. Eventually, they'll be calling your friends, family members, and even your employer. Once you file for bankruptcy, those phone calls stop. In fact, if creditors do contact you after you've filed for bankruptcy, they can find themselves in trouble with the court. The sooner you file for bankruptcy, the sooner those harassing phone calls will end.
Your Health Could Suffer
If your debt is starting to stress you out, your health is suffering. Harassing phone calls, late notices, and foreclosure letters can cause you to lose sleep and stop eating. You may even begin to experience nausea as a result of your debt. Once you file for bankruptcy, and those phone calls and letters stop, you'll be able to focus on your health.
Don't let debt ruin your life. Talk to a bankruptcy attorney as soon as possible. They can help you get your life back in order.