Declaring Bankruptcy Affects Your Reputation Badly

One of the best options to get bankruptcy help is by talking to business groups who lends good amount of money to people on high interest rates, so that one may stay away from declaring bankruptcy. While some bankruptcy attorneys and lawyers may suggest that this is the easiest option, and better than other finance solutions, yet a bankruptcy declaration may crack a bigger hole in your pocket, properties and reputation than ever.

Had I been suggested about the option to get bankruptcy help on time, I would have never taken the route to declaring bankruptcy as I did a few years back.

How I went to bankruptcy

I had taken a lot of debts while I built my house, and at that time, I was pretty sure about repaying back all the debts, as I had a good source of income from my job. But then I had some problem in my office, which made me quit the job, and I sadly didn’t get a good job after that to meet up my standard of living, the monthly expenses, and pay the house building loan installments.

Eventually I became too poor to go for liquidation of my assets, and at that time an acquaintance suggested me declaration of bankruptcy to avoid warnings from my creditors.
How I lost my reputation because of the wrong measure

I wish I never listened to that person. That’s because, not only did I lose my house, but my reputation in the market too. I realized this while I was trying to get a loan for a business after a few years, and I was told that I would be charged heavy interest rates to get the loan. The rates offered were surely too big for me to bear, and made me go from one financer to another.

Finally I realized how declaring a bankruptcy should be avoided till the last minute as it eats up your reputation as a reliable debtor, and why you should get a bankruptcy help on time.

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