Without a doubt, money incites emotion.
What emotion depends on the specifics of your financial situation. Suddenly getting a substantial raise at work gives a feeling of success and relief. Coming into an unexpected windfall of money can evoke a sense of thrill and excitement. Steadily watching the number in your bank account dwindle inevitably leads to anxiety, stress, and panic.
Realizing your debt is higher than you can handle can provoke a fear that feels like you're drowning. Learning that you have solid options to get out of debt when you thought it was an impossibility should instill a solid sense of comfort. Unfortunately, the thought of filing for bankruptcy comes with its own set of complex and confusing emotions.
Even though you may know and logically understand how the New Jersey bankruptcy
process can eradicate a large percentage of your debts, you may hesitate to take the necessary steps to file. You're not alone. In general, those who know they need to file for bankruptcy but are afraid to do so, are afraid of one (or more) of the following:
Yes, it is more socially acceptable
today to file for bankruptcy, but this fear isn't unfounded. You may have some naysayers and Negative Nanceys if you file for bankruptcy. While they may tsk tsk behind your back, what's most important is getting your financial life back on track. What will the naysayers have to cluck about when all of your bills are current and you're able to rise above your strife? Keep your eye on the prize, and kick any and all negativity to the curb.
Job loss/difficulty finding future employment
In order to assuage this particular fear, it's always a good idea to discuss a potential bankruptcy with your current employer before filing. An informed boss is much better than one who finds himself "hoodwinked." As long as your higher-ups and HR department give you the green light, you've got nothing to fret about.
As for future employment
, as long as you keep your nose to the grindstone and make the most of filing for bankruptcy, chances are good that a potential future employer will look at your overall financial picture rather than zero in on just one incident. Bankruptcy discharge is your opportunity to get a strong foothold where your finances are concerned. By using bankruptcy as a tool, you can get out of (and stay out of) debt, improve your credit score, and completely turn your life around.
Inability to buy a home/fear of losing your current home
It's true that filing for NJ bankruptcy will lower your credit score temporarily. This does mean that making large purchases that will require a loan are off the table, but only in the short-term! By remaining steadfastly dedicated to cleaning up your financial past, a lender will see that you've made a lasting change. In just a year or two, you will be able to make large purchases again.
Losing your home
is a huge fear for almost everyone when they think about bankruptcy, although this fear is largely unfounded. Now, if you should decide that your home mortgage is out of your budget - you can decide to go forward with a short sale or foreclosure in order to downsize. However, if you would be able to successfully make your mortgage payments if your other debts were gone or significantly reduced, filing for bankruptcy in New Jersey triggers the automatic stay
Do you have other fears about filing for bankruptcy that weren't mentioned here? Call us; talk to us
. We can walk you through what you're afraid of and help you understand the process. We'll give you real, honest feedback, even if that means bankruptcy isn't right for you.