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Filing for bankruptcy should not make you feel guilty

On Behalf of | May 31, 2019 | Bankruptcy |

If you are in a financial bind and have nowhere else to turn, you may start to consider filing for bankruptcy. However, many things may make you hesitate to declare bankruptcy, including the stigma surrounding this decision. But there is absolutely no reason to feel guilty about making this choice.

Bankruptcy is a viable option if you are struggling with unbearable debt. Here are some main reasons you should never feel guilty about filing for bankruptcy.

You are not alone

When you imagine declaring bankruptcy, you may feel like the only one. It can seem like an intimidating process that singles you out as a financial failure. But this is simply not the case. The number of consumer bankruptcy petitions between 2005 and 2017 is approximately 12.8 million. While this does not necessarily mean you should base your decision to file solely on this fact, it should certainly serve as a reminder that you are not the only one dealing with financial turmoil.

It is a legal tool for debt relief

The bankruptcy process exists for a good reason. It provides people like you with the opportunity to get out from under overwhelming debt while getting protection from a federal court. No one should shame you for taking advantage of the tools available to you.

You can get a fresh start

Perhaps the main benefit of filing for bankruptcy is wiping the financial slate clean. Sometimes, there is simply no other way to manage your debts. Whether you discharge your debt through Chapter 7 or set up an affordable payment plan through Chapter 13, it is a way for you to get back on track. Even though your credit score may drop after filing, it puts you in a position to rebuild your finances. You can come out on top in a more stable and successful situation after bankruptcy.