Should You Feel Bad About a Bankruptcy?

One of the most difficult aspects of Bankruptcy is the stigma that people want to attach to it.  They believe it is something that will cause them shame – or even worse – that it should.  There is a fear that the decision to file Bankruptcy will permanently follow them keeping them from future success.


Please understand that filing a Bankruptcy is not a matter of want, but rather, of need.  And the circumstances that have caused those needs are very real.  No one asks to get laid off a job.  No one hopes for an illness.  Yet the domino effect of these events will usually land someone with more debt than they can pay.  That is where Bankruptcy comes in.  It is the literal re-set button freeing you from the debt caused by circumstances that where out of your control.


If you wouldn’t look down on someone because an illness sent them to the hospital, then you shouldn’t look down on them (or yourself) because they are overwhelmed by the debt that their visit to the hospital (or any of life’s other circumstances) has caused.


Bankruptcy therefore becomes a business decision.  And if you are overwhelmed by debt, it becomes a smart decision.  If you are reading this, a Bankruptcy may be your road to financial freedom, and freedom is never wrong.

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