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2 reasons to ignore negative bankruptcy stigmas

On Behalf of | May 23, 2024 | Chapter 7

There’s sometimes a stigma around bankruptcy that keeps people from filing. They are worried about how others will perceive them. They don’t want to tell friends or family members that they’re going through bankruptcy because it feels like a personal failure. They worry about being judged by others.

Of course, there are those who don’t worry about this because they aren’t as concerned about what other people think. But even for those who are, the negative reputation around bankruptcy doesn’t actually hold up to scrutiny. Here are two reasons why you can ignore it.

1. Bankruptcy is a part of U.S. law

The bankruptcy process is simply a legal tool that anyone can use. It’s in the U.S. Constitution. It’s a foundational part of U.S. law. People should not feel bad about using all of the financial tools at their disposal to create the best possible future for themselves. This may include filing for bankruptcy to eliminate debts. The writers of the Constitution knew that this may be necessary and took steps to provide options for future citizens.

2. Bankruptcy is probably not your fault

The second thing to remember is that it’s likely not your fault that you’re declaring bankruptcy. In most cases, bankruptcy stems from something like medical bills, job loss or other unexpected costs. But you can’t control when you need medical care or how much it will cost you, for instance, so you should not feel bad about using bankruptcy to eliminate that debt when necessary.

If you are interested in bankruptcy, take the time to look into all of the proper legal steps. It can help to work with an experienced team, especially if you’ve never been through the process before.