Certain fears about the bankruptcy process may be unnecessary

On Behalf of | Sep 1, 2021 | Bankruptcy |

While it is no secret that fear can be a powerful motivator, allowing such an emotion to influence your decisions might not always prove favorable. In some cases, fear may even be an unnecessary response, as it may simply stem from prevalent myths or even misinformation about how a process will unfold. 

If you are facing financial unrest and considering the possibility of filing for bankruptcy, misinformation could have you feeling fearful. While this is a major financial decision, many of the fears that might lead you down a different path might be unfounded, and bankruptcy could be just the tool with which to safeguard your future. 

Common bankruptcy fears 

Addressing some common bankruptcy fears could help you move past reservations and prepare to seek much needed debt relief. Some examples of these fears might include: 

  • Loss of possessions:  One common fear pertains to the possibility of losing one's possessions, and although certain types of bankruptcy may call for liquidation of assets, you may be able to retain ownership of many or most of your possessions throughout the process. 
  • Impact on credit:  It may also be common to worry that a bankruptcy might ruin your credit forever, which is not the case, but going through extended periods of financial strain may prove even more damaging to your credit. 
  • Rebuilding credit:  Fear that a bankruptcy filing will have a permanent impact on your credit is also unnecessary, as you may even be able to begin rebuilding your credit soon after finalizing the process. 
  • Lack of eligibility:  Some may fear that they might struggle to meet federal or South Carolina state bankruptcy eligibility requirements, and with numerous chapters of bankruptcy, this might also be unnecessary. 

Moving past unnecessary reservations could help you avoid seeking out temporary fixes that may only prolong your struggles, when a more long-term solution could prove the most favorable path. 

Navigating the process 

While seeking debt relief through bankruptcy is a major decision, it could also prove the best available path with which to protect your future. Seeking insight in debunking bankruptcy misinformation could help you prepare a strategy that best aligns with your interests and needs. Understanding your available options could also help you choose the best path with which to seek relief from the trials of debt and place you in a better position to begin working toward building a brighter financial future. 

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