In some cases, people are a bit hesitant to consider filing for bankruptcy to restructure and/or get rid of their debt. They may feel a sense of embarrassment or even shame. They may see their overwhelming debt as a sort of failure, and they may even think that bankruptcy isn’t an ethically sound option. They believe they should pay back their debts, even if that’s not an achievable aim.
This may be a common belief, but that doesn’t mean that it’s accurate. People shouldn’t be hesitant to consider any legal, readily available tools that can help them, and bankruptcy is just yet another tool that virtually everyone has at their disposal. There should not be any shame or embarrassment associated with using an opportunity available to all and constructed to assist people who are in need of temporary support. Finances are complicated, sometimes they need to be reset, and bankruptcy offers a way to do that. At its core, the process is about creating a positive future.
Bankruptcy likely isn’t your fault anyway
As an individual, if you’re considering filing for Chapter 7 bankruptcy, the odds are fairly high that you are largely not responsible for the financial challenges that are inspiring this course of action. For example, one of the main reasons people turn to bankruptcy is because they have medical debt. They needed care that they couldn’t afford – such as someone who was seriously injured in a car accident – and so now they’re facing a mountain of debt that they can never pay back.
But what alternatives would you have if you were in that hypothetical situation? You’re not going to turn down potentially life-saving medical care just because of the cost. You are also not responsible for the fact that healthcare is so incredibly expensive and could leave you with hundreds of thousands of dollars’ worth of debt. All of this is entirely out of your control, and all you know is that you need professional medical assistance to maintain your quality of life.
And it’s not just medical debt. Many people file for bankruptcy because they lose their job or they suddenly experience a significant reduction in income. This may also not be your fault. Perhaps the company that you worked for simply ran into difficult times and had to downsize. You didn’t make any irresponsible choices with your spending, but your income just no longer lines up with your budget. And even if you did make some irresponsible spending choices, does that mean you should be paying for them for the rest of your life?
There are few reasons to hesitate filing for bankruptcy if you sincerely need help unless you’re planning to commit fraud. Ordinarily, this debt relief resource is a meaningful opportunity to achieve a brighter future that should be utilized by anyone who genuinely needs it.