Personal Bankruptcy - 3 Important Reasons Not to File Chapter 7 Bankruptcy

Filing chapter 7 bankruptcy is one of the most painful and difficult choices an individual can make. It is not a decision to be made lightly, of course, and while there are valid and understandable reasons to file bankruptcy, there are also important reasons not to file as well.

Here then are 3 important reasons not to file chapter 7 bankruptcy:

#1 - You shouldn't file bankruptcy if you think it's an easy way out.

Although a common theme among those who have filed personal bankruptcy is that it was one of the best decisions they ever made, and although it's also common to experience a huge sense of relief after the fact, the process of choosing to, and actually filing, is nevertheless grueling.

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If one of the factors that has led you to this point is some form of avoidance or procrastination, you should understand that the bankruptcy process isn't a continuance of that. Bankruptcy doesn't allow you to avoid responsibility. On the contrary, it forces you to take full responsibility for your current financial situation and meet it head on.

For some, that can be a very harrowing experience.

#2 - You shouldn't file bankruptcy if you think it's a substitute for sound financial planning.

Filing bankruptcy allows you a second chance. But that second chance will do you no good if you don't address the underlying issue(s) that led to the bankruptcy in the first place.

For some, that might mean facing and changing personally irresponsible behavior and reckless money management. For others, that might mean examining their relationships with others (spouses, relatives, grown children, friends, etc.) if any of those relationships played a significant role in the financial crisis. And for still others, that might mean finding creative means, if necessary, to ensure they have access to at least some form of catastrophic insurance.

#3 - You shouldn't file bankruptcy before exhausting other alternatives.

For some, the perceived shame of bankruptcy keeps them from talking to others about their deteriorating financial situation and seeking help. Ironically, it may be that avoidance that makes bankruptcy more likely in the end.

Your worst fears do not always have to be realized. If you're struggling financially, drowning in debt, and feeling despair, be sure you've made the effort to communicate with your creditors to see if there's anything that can be worked out together.

Also, avail yourself of the free or low cost credit counseling resources that are available. And don't put off a consultation with a bankruptcy attorney until the very end. A good bankruptcy attorney can help you find the debt relief options that are best for you, whether that ends up being chapter 7 bankruptcy or some form of debt settlement or debt management.

Conclusion

Bankruptcy is a grueling decision. But if you're overwhelmed by your debts and there's no realistic solution you can envision on your own, it may be time to consider all your options, including bankruptcy. That doesn't mean you're a bad person - it just means that you need help, something everyone needs from time to time.

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