What are the consequences of not filing for bankruptcy?

Not filing for bankruptcy in Delaware can have serious consequences. If a person chooses to not file for bankruptcy in Delaware, they are taking on the responsibility of paying back their debts in full or making payment arrangements with their creditors. Those who choose not to file can be threatened with wage garnishment, harassing phone calls and letters from creditors, seizure of assets, and lawsuits from creditors. Additionally, failing to file for bankruptcy may result in the continued accrual of interest on the original amount owed, making it increasingly difficult to pay off the debt. Even after the debt has been paid, some creditors may refuse to remove the negative credit report history associated with the debt, making it difficult for the debtor to obtain credit in the future. Perhaps the greatest consequence of not filing for bankruptcy is the potential inability to re-establish credit. Bankruptcy actually provides a person with the ability to start fresh and begin a path toward repairing their credit. By not filing for bankruptcy in Delaware, a person can remain in a cycle of debt and financial hardship caused by the inability to obtain credit or advantageous interest rates.

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What are the consequences of not filing for bankruptcy?

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