Being unable to pay your debts can do a lot of harm to your credit score. Yet, that might turn out to be the least of your concerns.
People have killed themselves over debt before. While most people do not, many suffer emotional damage because of excessive debts.
If your brain struggles to cope with the situation, you may find your struggles manifest themselves in physical ways.
Are you more worried about debt or bankruptcy?
People often stick it out longer than they should because they fear declaring bankruptcy. Perhaps they were raised to believe that getting into debt you cannot afford is irresponsible. Or that declaring bankruptcy would bring shame to their family.
Some family and friends might think badly of you. Your employer might decide you are not the best person to promote to a position of financial control. Yet all these people would rather see you in good health and a stable financial situation than struggling.
Filing for bankruptcy is often the only way to get to that better place regardless of others’ thoughts. Or more to the point, regardless of what you believe they might think.
The people you fear finding out may be more understanding than you think. Do a quick internet search for companies that declared bankruptcy during the last two years, and you will see all sorts of respected household names. Bankruptcy is an option many people use.
It exists because it needs to. You cannot predict how life will go, and a turn of events can leave even the most careful and successful person needing to use it. If you have debt you cannot escape, seek help to find out more about the reality of bankruptcy and protect your health.