Filing for bankruptcy can be a difficult decision for anyone. On top of the anxiety and stress caused by financial distress, many people worry about the stigma of bankruptcy and its adverse effects on their long-term financial health. While there are many reasons to want to avoid bankruptcy, the constant calls from debt collectors and the harassment that can come with it keep the pressure on.  Most people assume that given enough time, they will be able to figure out their financial issues, but that is often not the case. In fact, unless there is a significant change in income, most individuals find that the longer they wait to file, the worse the situation becomes. Is it wise to delay bankruptcy? Let’s take a closer look. 

The Longer the Delay, The Higher the Stress Levels 

Many events in our lives can elevate our anxiety levels and result in emotional issues. In fact, scientific research has revealed connections between depression and stress. An ever-increasing pile of debts could encourage unhealthy stress levels, and those who choose to prolong the tense situation may experience detrimental ramifications at their job, family relationships, and overall happiness and quality of life.

Compared to dealing with financial problems and debtor harassment, bankruptcy can be far less painful and is likely to lower anxiety as financial pressures are faced, navigated, and eliminated. 

Debts Rarely Diminish Over Time 

The longer you put off consulting an attorney and filing for bankruptcy, the more significant the debt burden is likely to become. Most people discover that their difficult financial situation rarely improves over time, and the longer they wait, the more challenging it is to foresee a fresh start. 

As obligations and debt increase, contact with debt collectors becomes more frequent. At some point, those who are owed money may decide to begin pursuing legal action. Filing for bankruptcy initiates an automatic stay on the bulk of collection efforts, effectively halting any harassment – but debtors are better off settling and resolving the situation, not avoiding it. 

What Will the Neighbors Think if You File for Bankruptcy?

Some people avoid filing for bankruptcy because they are worried about the social and legal strike they think will be held against them. People may feel shame or embarrassment and try to hide their financial difficulties from friends and family. However, the reality is that most people, especially those who care about you, understand that sometimes everyone needs to start over. 

Someone may file for bankruptcy because of job loss, unexpected costs or expenses, or rising medical debts. Sometimes life just gets overwhelming, and things can get out of control. Bankruptcy can provide relief and return those who file back to their normal, everyday lives. 

Most people find that the relief they experience when debt is forgiven far outweighs any temporary shame when facing their friends and family. Those putting off bankruptcy often prolong their own emotional pain and suffering when relief can be forthcoming. 

Don’t Put Off The Bankruptcy Discussion Any Longer

What is holding you back from looking into bankruptcy? Financial relief may be right around the corner, and you could soon be free from overwhelming debt. Today is the best day to call a Sarasota bankruptcy attorney to discuss your situation and determine if bankruptcy is right for you. 

Richard V. Ellis has provided legal assistance and bankruptcy expertise to Sarasota residents for over two decades.