Stones Don’t Sweat: Avoiding Bankruptcy

Have you ever seen a stone pour drops of sweat? No, rocks have very little water if any and they stay solid and firm. That is the kind of resolve you need to have when resisting the urge to throw in the towel with your debt battle and file for bankruptcy. But it can be a scary and nerve-testing experience. Here are some points to consider when maintaining your rock-solid nerve in getting through your debt crisis without filing for bankruptcy:

Not all barking dogs bite. When you are overwhelmed in debt and creditors and collectors are calling, it is easy to get nervous with all the attacks coming from every angle. Advocates of bankruptcy use as their primary selling point that the creditors must stop calling and contacting you the when you file. This presents a picture of “peace” but in actuality it is only buying you time at a price. In just a short time, the legal proceedings, creditor meetings, and lawyer meetings will begin and the chatter returns—just in a different way. Many times if you have no significant assets you are protecting then it might be wise just to see who takes what action against you. The tradeoff is that you are not going to get the peace and quiet you desperately seek but no one said dealing with this debt nightmare is not going to be easy—especially when you don’t take the easy way out otherwise known as bankruptcy. Of course you should not ignore your debt but be careful not to believe every fear tactic thrown your way by creditors.

Don’t be intimidated by all the terminology. We have it much better than our parents did before the information age in that we can go to a search engine, type in a word like bankruptcy, and get all kinds of information on the topic. And it is free information. However, with free information, you have to be careful of your sources. If you cannot find good sources on the internet, you can back up your findings with books on the topic of bankruptcy at a bookstore too. The point is that if you are intimidated by terminology you don’t understand and have no desire to research it for yourself then maybe you are a candidate for bankruptcy. But most of us want to arm ourselves with knowledge and it is our familiarity with the terminology that becomes a tool in working through our debt problems and avoiding bankruptcy.

Don’t listen to the armchair experts. This is somewhat similar to the prior point. While you are going through this financial nightmare, you will probably want to speak to someone. However, these are also times when well-meaning armchair experts will step in and give you their two cents of advice and that’s about all their advice is worth too. Make sure that any decision you make concerning bankruptcy is your decision and not made at the prodding of the unlearned expert. Remember that many who give you advice have not been through it themselves or they have a financial interest in you filing for bankruptcy (such as a bankruptcy lawyer who would be more than happy to represent you).

And now for a word of advice: Arming yourself with knowledge about debt solutions is not a substitute for sound advice from professionals in the debt management and credit counseling profession. There may also be times when you have to consult a consumer advocate attorney. But you should still avoid bankruptcy and keep exhausting different avenues until you get through this crisis. Make your own decision based on your research and stay as dry as a stone because stones don’t sweat and neither should you.