The most devastating part of filing bankruptcy is the hit people take to their pride. Filers will often refer to their credit history before filing bankruptcy as their badge of honor. Filers will use statements like I would never pay an annual fee for a credit card. Before I filed I had thousands of dollars that was available on my credit card; these statements reflect a hit to their pride. People with great credit will have difficulties with the rates they quoted if they try to get bankruptcy home loans too soon after filing.

The next devastating perception people fear is what people will think of them if they file. Most people will not know you filed unless you are losing your home or you tell them. If a foreclosure occurs people can often make statements such as “the house was not worth what I owed so I let it go” to explain why the lost their home. The can tell family or friends it was a business decision.

In most cases people who find out you are filing or find out you have filed will be envious and this can be proven by the little questions they will ask you about why or what did you lose when you filed bankruptcy.

There is hope to the person considering filing.

If you are able to meet or discuss with people who filed bankruptcy most people will tell you they don’t know why they waited so long to file. People filing soon realize this is business a decision that needs to be done to make sure they could continue to live. The biggest regret of people filing is that they waited too long to file.