Many people do everything in their power to avoid filing bankruptcy because of the fear of destroying their credit. The credit industry has spent a lot of time using fear as a way to keep consumers in line. Most people believe that if they file for bankruptcy, they will never see another credit card again in their lifetime. Others believe they will never be able to own a home or buy a new car. This has all been perpetrated by the credit industry. They know that if they can keep an individual in fear of losing credit, they will be able to collect interest from this individual for the rest of their life. It is true, this is a credit driven society and it is important to protect one's credit rating if it all possible. Sometimes circumstances arise that are just unavoidable and sometimes we all make mistakes by making bad purchases. It's hard not to get caught up in living the life of "Keeping up with the Joneses." Everywhere you turn, we are being bombarded with advertisements of new better TVs, cars, phones etc. and with that is the hook that creditors suck everyone in, "Why wait when you can buy it now on credit?"
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It's obvious that just about everyone has fallen prey to credit addiction. It helps us to rationalize why we need something and how it is so affordable. As Americans we truly no longer have any idea of what the meaning of "needs" is. Most people that get themselves buried under a mountain of debt probably don't even remember what they bought that caused that debt to grow. When it gets to that point, it's time to break the cycle and filing bankruptcy is probably the fastest way to stop it. It is true that filing bankruptcy will put a big scarlet B. on one's credit report, but when you consider a major part of a credit rating is debt ratio, someone that is in the position to need to file for bankruptcy probably has all their credit completely tapped out. This will give them extremely high ratios and low credit scores. Add to this a bunch of late pays and the idea of filing bankruptcy really starts to look good. The good thing about filing Chapter 7 bankruptcy is it will stop everything and give a person a chance to ponder what put them there. Hopefully, a few scolding from the bankruptcy attorney will also help set someone straight.
Shortly after the bankruptcy discharge, creditors start sending out offers. People need to understand that creditors are opportunists and they know that even though the bankruptcy filing is on one's credit report, they also know that that person might be debt free and have no other credit obligations. As long as a person is employed, they will seem like a good risk. Most credit offers come with a price initially and post-Bankruptcy individuals should be very careful putting themselves back in a precarious situation. A piece of good advice would be to enjoy being debt free and paying cash for everything. In time, credit will be available and hopefully the person will have more respect for.
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