Reasons For And Against Filing Personal Bankruptcy

Bankruptcy Lawyer Port St Lucie Jon L Martin reviews some of the reasons NOT to file for bankruptcy:

  • I enjoy receiving harassing telephone calls from debt collectors at all times of the day.
  • I enjoy when my doorbell rings and I meet another process server or sheriff’s deputy serving me with yet another collection or foreclosure lawsuit.
  • I enjoy receiving mail, so I don’t want to stop the endless number of letters threatening more collection and foreclosure lawsuits.
  • I enjoy having my bank accounts frozen every time one of my creditors garnishes them, and giving away part of my hard earned wages when my creditors serve my employer with a continuing writ of garnishment.
  • I want to lose my home, my personal property and my car.
  • I enjoy the disadvantageous terms of my mortgage-after all, I signed a promissory note agreeing to those terms.
  • I also enjoy making the minimum monthly payments on my credit cards and not reducing the balance owed in any way.
  • I enjoy feeling helpless, not sleeping, and having all of my stress-related health problems.
  • I believe that if I ignore my problems long enough, they will just go away.

On the other hand, when you file for bankruptcy, you can:

Put a stop to the harassing telephone calls and letters from debt collectors, and halt any progress being made in collection lawsuits filed against you.
Stop a pending foreclosure sale on your home, a pending execution on your personal property, or a creditor from garnishing your bank accounts and/or wages.

Potentially negotiate new, more beneficial terms on your home mortgage with your lender, as well as potentially eliminate most, if not all, of your medical bills and credit card debt.

Stop feeling helpless, and obtain confidence that you have a plan of you and your family’s financial future, and start rebuilding your credit.


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