Fear and anxiety are some of the main forces that prevent people from wanting to file for bankruptcy. This post is going to examine just exactly what fears you may be experiencing and how the process of bankruptcy may not be as bad as you are making it seem in your head. So let’s tackle those fears head-on:

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You fear losing control over your financial affairs…

When you file for bankruptcy, ownership of everything in your possession goes to a chapter 7 trustee in order to benefit your creditors. However, it is important to note the majority of Chapter 7 cases are not asset cases at all. In other words, you will leave nothing to your trustee on behalf of the creditors.

You fear what the future will be like after filing bankruptcy…

People believe that when they file for bankruptcy that they will not longer be able to get credit. This is very untrue as once you have filed for bankruptcy you no longer have so many demands on your income. This means your chances of getting credit after filing is far higher than if you applied now.

You feel what others will think of your “financial failures”…

We all fear what others will think of us from time to time. When people file bankruptcy they often find themselves wondering what others think of their situation. However, bankruptcy is far more common than you would think and chances are if you file, you won’t be the only person you know who has done so and there is power in numbers.