I have seen an increased number of bankruptcy solicitations in my mailbox. Actually, it has increased from nothing — because I’ve never seen such solicitations before. It makes me wonder if someone knows something, I don’t know about my financial status.
My best guess for why I’m receiving all of these solicitations is because there may have been an increase in the number of bankruptcies filed in my area recently. I know for a fact that there are 3 foreclosed homes in my subdivision.
With the influx of all these bankruptcy mailings, I have to wonder if filing for bankruptcy is the answer to getting out of financial debt.
After all, there comes a time when those who have lost their jobs, or have had major health crises just run out of money. For a person in crisis, bankruptcy may seem like an easy way to get a fresh start.
The truth about bankruptcy, however, is that it’s not a fresh start. Instead, it’s an easy way out with a great deal of future problems in the longterm. Some of the issues you are likely to face after filing for bankruptcy are:
- You will not be able to purchase a house for many years.
- Any loans or credit you receive will be at a very high interest rate.
- Bankruptcy does not necessarily eliminate all debts.
- Many employers run credit checks, and this can keep you from getting a job in the financial industries.
- Bankruptcy may force you to sell your assets such as your home and cars.