1. Home
2. Bankruptcy Articles
3. Dealing With Guilt When Filing For Bankruptcy

Bankruptcy Articles

Tuesday, September 23rd, 2008

by Theodore Sliwinski, Esq.

Dealing With Guilt When Filing For Bankruptcy

If you feel uneasy about filing for bankruptcy then you should consider this factor: there are many other millions of other Americans who are living with the same financial pressures that you have. According to the American Bankruptcy Institute, millions of Americans have filed for bankruptcy last year alone. The Americans who file for bankruptcy come from every background and they represent every income bracket. The most common causes of bankruptcy are divorce, excessive medical bills, a job loss, and massive credit card debt.

Despite these differences, bankruptcy filers have something in common; they realize that they have a financial problem that they can’t resolve on their own. Bankruptcy offers a second chance to debtors who are in over their head with debt. You also can enjoy the benefits of getting a second chance on life by filing for bankruptcy.

An important point to consider is that if you are considering bankruptcy then your debt-load is  probably so high that you will never pay them off. Would you rather file for bankruptcy, or would you rather needlessly suffer a financial burden for the rest of your life? If you have a family then your debts could also interfere with your ability to support them.

You should also consider the damage that you are doing to your credit by falling behind on your payments. If you make excessive late payments this this often creates a red flag to lenders. My response to those who say “bankruptcy ruins my credit” is to simply point out that your debt has already ruined your credit. Bankruptcy is actually the first step toward rebuilding your credit. The reason is simple; you must get out of debt before you can rebuild your credit. If you can’t afford to pay your debt, then bankruptcy may be the only way to get out of debt. Additionally, you could even run the risk of losing your home or vehicle if you wait too long to file for bankruptcy. Your creditors could repossess your property if you do not address your debts.

Filing for bankruptcy may be difficult, but you must take action if you are to improve your financial situation. Bankruptcy could immediately eliminate a significant source of stress in your life and protect your property.  Moreover, you could also correct your financial problems and work towards a brighter financial future. In my almost twenty years of practice, I have handled more than one thousand bankruptcy cases. I have not yet had one client who regretted filing for bankruptcy. Bankruptcy works and it provides much needed debt relief to millions of Americans.