While the perception is finally changing, some people still negatively associate bankruptcy proceedings with the debtors who file. Bankruptcy filings aren’t private — just like all court filings (excepting most juvenile records and a few others) — they are public records that anyone can access.
Does that give you doubts about filing even while the mountain of debt you’ve acquired is about to topple over on you? Below are some good reasons to reconsider the decision not to file.
Money worries affect your health — a lot
Just this year, researchers from Great Britain determined pivotal life challenges that people often faced, including:
- Disability
- Divorce
- Financial insolvency
- Caregiving
- Bereavement
- Personal illness
Of that list of woes, facing financial strain harms your health the most.
In what ways do money worries hurt you?
Depression and anxiety are just two ways that struggling to pay your bills can adversely affect your health. But, did you also know that chronic pain, inflammation, hypertension, insomnia, arthritis and even asthma (among other illnesses) have been linked to people stressing out over money problems?
They can even exacerbate or bring on a disability and even lead to the death of the wage-earner or their partner who shares their worries. If that’s not a reason to put away any doubts about filing for financial relief through Chapter 7 bankruptcy, what could be more convincing?
Where to turn next?
Anyone suffering physically should see their medical provider for evaluation, diagnosis and treatment. But be honest with them about the financial strain you are facing. You also should learn all that you can about the bankruptcy process so that you know how to make it work for you, so you become fiscally sound once again.