You have grappled with this decision for some time. The overdue bill notifications have put you on notice, arriving via letter, email and text. Not to mention, you also receive regular and, sometimes, incessant phone calls from debt collectors. Debt has caught up and passed you, leaving you way behind holding the bills and wondering how to pay for them.
The decision? That is whether to file for bankruptcy. You worry about what your family, friends, neighbors and employer will think. You feel guilty and, sometimes, ashamed about your financial position and whether bankruptcy is the right solution. Well, it is the right solution in your circumstances. There is no shame in resolving any predicament, including a financial one. Bankruptcy provides you with the chance for a fresh start.
There is no shame
Bankruptcy means that you are taking charge of your financial life and well-being. There is no shame in having a plan, implementing one and emerging on a new path that includes creating goals. You are not alone in this aspect. The American Bankruptcy Institute reported that almost 462,000 people sought Chapter 7 bankruptcy and nearly 288,300 others filed for Chapter 13 bankruptcy in 2018.
You are among the thousands who understand that a financial turnaround is necessary and achievable. Bankruptcy represents the beginning of this journey. Granted, this is not going to be easy. You are confronting the financial behavior that got you here – think overspending and credit card debt. But, also, some of that accumulated debt was unavoidable – think about the medical debt caused by a sudden illness.
Recognizing the need to change is the first step toward financial recovery. Bankruptcy represents another crucial step to take. And you may continue to worry along the way. For example, you may wonder how you will secure credit and how to rebuild your credit rating.
But that will come in due time. Stop listening to those doubts and the voices of others who attach a stigma to bankruptcy.