There's no avoiding the fact, debt is stressful. But while many people claim that bankruptcy is never a good choice and that debtors should always pay their creditors no matter what, the truth is that many debtors who avoid bankruptcy are often more stressed than debtors who decide to go ahead and file bankruptcy. Here's the why:
- They don't have enough money to pay their debts and they refuse to use the power of bankruptcy to discharge the debts they can't afford to pay. Basically, debtors who avoid bankruptcy are up against a rock and a hard place because while they can't pay their debts they simply won't use the only legal tool available that would offer them the debt relief and by the extension the stress relief they need.
- Creditors are calling and filing lawsuits against them and there is nothing they can do about it. Just because a debtor avoids bankruptcy does not mean that his/her creditors suddenly become sympathetic and understanding. No, they often just become more ruthless over time and will stop at nothing to get their money, even if that means leaving threatening phone calls, filing lawsuits and garnishing the debtor's wages. Creditors are more than happy to see the debtor avoid bankruptcy, which is the only thing that can stop their collections actions outside of paying their debts in full.
- They see no end in sight. Even debtors in Chapter 13 bankruptcy know that their debt problems will be resolved in 3 to 5 years. But debtors who avoid bankruptcy have no way of seeing a light at the end of the tunnel. Without the help of bankruptcy, their debt troubles could go on indefinitely and that very thought is stressful.