Law Offices of W. George Senft


Why You Shouldn’t Feel Ashamed of Bankruptcy

Not being able to keep up with your bills or having money for fun can be discouraging and even guilt-inducing. You may be embarrassed to have to decline invites for nights out or vacations and feel bad that your finances have gotten so out of control.

When it comes to money, it’s important to put your emotions aside and take an objective look at all of your options, and I can help you make these important decisions to better your future.

Don’t Be Ashamed of Bankruptcy

If you feel alone in your financial struggles, let me assure you that debt and bankruptcy are very common. In fact, over one million Americans file bankruptcy each year, and most of them are honest consumers who have done everything in their power to avoid bankruptcy.

Even if you have a budget and make enough money to cover your expenses, one mishap could push you over the financial edge. The majority of individuals and couples who file bankruptcy do so due to difficult life circumstances such as a job loss, unexpected medical bills, or a home or auto repair expense that just compounds over time. Before you know it, you’re unable to make the minimum payments and are receiving calls from creditors, with no end in sight.

Focus on the Future

Keeping in mind that many people have needed to file bankruptcy may comfort you, but you may still feel bad that you won’t be able to pay off your debts. No one intentionally takes on debt knowing it won’t be paid, but lenders and banks understand that this will, in fact, happen to some consumers. This is part of the reason that loans include fees and charge interest. To give consumers a way out of crippling debt, the US government also allows bankruptcy as a legal solution. 

Knowing you’ve done everything in your power to honor your debt obligations, once you file bankruptcy, you can turn your focus toward your future. Think about the things in your life that you can control, such as re-establishing your credit and rebuilding your savings. As you do this important work, allow people in your life to encourage you and keep you on track; in the future, you’ll be able to do the same for someone else who is struggling. Seeing you make wise financial choices may motivate others to do the same.

Being Proactive

Evaluating your situation and seeing that you simply don’t have the income to take care of your expenses and debt can be discouraging. You might be able to make some cuts to your budget to make your debt payments more manageable, but sometimes bankruptcy is inevitable and truly the best choice. There’s no need to hold back on taking action due to shame or embarrassment; bankruptcy can be the best way to take control of your situation and turn it into a positive one. If you’re wondering if bankruptcy is right for you, give me a call. I help people get a handle on their finances on a daily basis and am here to guide you as you do the same.