What are the consequences of not filing for bankruptcy?

Not filing for bankruptcy can have serious consequences, both in the short and long term. In the short term, individuals may find themselves unable to make payments on their debt. This can lead to creditors suing for the money owed, which can result in wage garnishment or a lien on personal property. This can damage credit scores, making it more difficult to obtain loans or other forms of credit. In the long term, not filing for bankruptcy can have devastating effects. Debt can accumulate to unmanageable levels, making it impossible to pay back. This can lead to a lawsuit, an order of garnishment, or even seizure of assets. Not filing can also lead to legal fees and other court costs, further exacerbating the problem. Finally, not filing can lead to emotional distress, as individuals may feel overwhelmed by debt. This can take a toll on physical and mental health, as well as relationships and careers. It’s important to realize that filing for bankruptcy can provide debt relief and a fresh start. If it’s not filed, debt can pile up and become unmanageable. It’s best to consult a bankruptcy lawyer to understand the consequences of not filing.

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What are the consequences of not filing for bankruptcy?

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