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Why do people prolong filing for bankruptcy?

You could suffer under a mountain of debt for a decade, two decades or an entire lifetime -- barely scraping by to make your financial ends meet. Or, you could file for Chapter 7 or Chapter 13 bankruptcy and get your debt problems in order relatively quickly. If you qualify for one of these helpful bankruptcy processes, there's literally no reason to prolong yours any longer. You may have everything to gain by filing for bankruptcy right now.

Nevertheless, if you're like most Americans who are suffering from debt problems, you will probably delay filing for bankruptcy until the last possible moment. Here are two reasons why people tend to wait longer than they should to file for bankruptcy:

The negative stigma that bankruptcy entails: Most people do not want to submit to the bankruptcy process because they're ashamed to admit that they're suffering from financial problems. However, it's important to put the issue into perspective. We are not always equipped to navigate the financial complexities presented by life. Our debt problems and the bankruptcy process should be viewed as a teaching tool that shows us how we can improve. In fact, one of the best and fastest ways to improve financially is to complete the bankruptcy process and get yourself back on firm financial feet again.

Bankruptcy takes too long: If one were to consider how long it will take to pay off a delinquent, maxed-out credit card compared to the Chapter 7 process, which takes between three and six months, it's easy to see that bankruptcy is a much faster way of resolving debt. Even Chapter 13 bankruptcy, which will take either three or five years to finish, offers instant financial relief. Chapter 13 will reduce your monthly financial obligations dramatically by requiring you to pay only one monthly payment that you can afford.

If you want to put your financial feet firmly on the ground, bankruptcy is an excellent option. Learn more about your legal rights under federal and state bankruptcy laws now.

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