About 75 percent of the people who file bankruptcy wait until they just don't have any other choice. They give various reasons for waiting to file bankruptcy; but below are three of the worse excuses for not filing bankruptcy earlier:
- Guilt. Guilt is never a good reason for delaying a necessary bankruptcy filing. But many debtors don't file bankruptcy because they feel guilty for not repaying creditors. But the irony is that many of those same creditors have failed to be cooperative with debtors in a time when it is obvious that everyone is experiencing hard times. If you're going to feel guilty, feel guilty about robbing your future and the future of your family of valuable assets because delaying a necessary bankruptcy is doing just that.
- Shame. Many debtors delay a necessary bankruptcy filing because they feel ashamed of their circumstances. Americans are known to take pride in a hard day's work that allows them to support themselves and fulfill their obligations, so filing bankruptcy often creates a feeling of failure and with failure comes shame. Do not delay a necessary bankruptcy filing because you are ashamed. It is the creditors, many of whom engage in unfair lending practices, who should be ashamed. Bankruptcy is designed for debtors who cannot seem to shake themselves free of debt's suffocating grasp. Bankruptcy will give debtors another chance to accomplish their goals-albeit debt free.
- Fear. Many debtors delay a necessary bankruptcy filing because they are afraid of the outcome. Fear in this situation is usually caused by a lack of knowledge about bankruptcy. Many considering bankruptcy mistakenly believe that filing bankruptcy means that creditors will interrogate them and seize all of their personal possessions. That couldn't be farther from the truth. If you feel anxiety about filing bankruptcy, educate yourself and talk to a qualified bankruptcy attorney about your concerns.