While there are so many people suffering financial problems in this day and age it seems there are ever more reasons in favor of filing for bankruptcy. And while it is true that this is a very viable means of getting a clean fresh start for those who have reached a point at which they simply cannot pay back their debts, it is not for everyone. And filing for bankruptcy certainly should not be an immediate choice! With so much information about filing for bankruptcy available, there is a common misconception that it can be the answer to any type of financial concern at all. This simply is not the case. So, in light of all the reasons in favour available, here are three reasons NOT to consider bankruptcy as an option.
1. You are worried about debts despite the fact that you can pay them off, probably fairly comfortably too. You will not be eligible under these circumstances. If your debts, however big or small, are such that over a few years you would be able to pay them off, then you should not consider bankruptcy.
2. You are trying to clear debt that would not be eliminated by bankruptcy anyway. These debts include student loans, alimony, federal taxes and child support. Such debts, even if you successfully filed for bankruptcy and had others eliminated, would remain your responsibility.
3. You are being mistakenly harassed by creditors for debts you do not own! This could be a case of mistaken identity, administrative error or, in the worst case, identity fraud. The last thing you should consider doing here is declaring bankruptcy! Instead you should contact the credit and rectify the matter.
So while there are many perfectly legitimate circumstances that warrant bankruptcy, those above certainly are not.
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