Five Reasons Not to File Bankruptcy

11 Sep Five Reasons Not to File Bankruptcy

You’ve heard us recite here many reasons to file bankruptcy.

Here are five reasons NOT to file bankruptcy.

1. Filing for bankruptcy weakens the credit card industry.

Right now, about the only US industry that is consistently showing an annual profit is the credit card companies. Just look at the amount you pay each year in interest, annual fees or late charges. Filing bankruptcy often wipes away those charges – something the credit card companies can’t afford!

2. Most retailers (including car companies and major appliance stores) charge more interest if the customer has bad credit.

Filing for bankruptcy will improve your credit score and decrease the amount of interest those companies can make.

3. There will be less in the mailbox and fewer of those wonderful dinner-time phone calls from collection companies.

You’d feel lonely and unloved if you didn’t hear from your creditors incessantly.

4. You will probably get to live in your house for free for several months or more while it is being foreclosed on.

Filing for bankruptcy would stop the foreclosure process under many circumstances and deprive the local Realtors of their right to sell another foreclosed home.

5. The constant bickering about money problems would end.

One of the leading causes of marital discord is money problems. Having less debt will create fewer arguments, and when you can afford a family vacation, everyone is happier.

Perhaps you’ve noticed a touch of sarcasm in the above analysis. But these reasons are pretty accurate.

Filing a bankruptcy with a good bankruptcy attorney will reduce your stress and anxiety and increase family harmony. Think how wonderful it will be to come home to find no new bills or collection letters in the mail, no more nightly phone calls from debt collectors, and no worries about keeping the house.

Isn’t it time to consult a competent bankruptcy attorney in your neighborhood?


Image credit: Flicker and jeangenie

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Douglas Jacobs is a California bankruptcy attorney and partner in the Chico law firm of Jacobs, Anderson, Potter & Chaplin. Since 1988, Mr. Jacobs has taught Constitutional law and Debtor-Creditor/Bankruptcy law at the Cal Northern School of Law. He has served as Dean of Students since 1994. He is a frequent lecturer on the subject of consumer bankruptcy law, and has spoken at both state and national levels.
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