In April, 2018, a little bit more than 15,000 people filed for bankruptcy in Georgia alone (you can check the statistics and figures by yourself here). Lots of debtors really feel ashamed of their financial situation and when they file for bankruptcy, the feeling of embarrassment and failure chases them. However the truth is that there is no shame in filing bankruptcy. Quite the opposite, such people must really feel proud that they had the intestines to encounter the truth of their scenario and file bankruptcy so they can get a fresh start.
Below are five reasons why bankruptcy is actually OK and there’s nothing to feel ashamed of:
1.It’s Legal and Ethical
Bankruptcy is a legal and also ethical mean to release yourself from financial obligations you cannot take anymore. Remember, that the bankruptcy system was developed for debtors similar to you who have actually faced financial difficulties and require some help from the state or bankruptcy attorney.
2. Celebrities go broke too
Numerous really well-known people, both start and businessmen, and famous companies have actually filed for bankruptcy. For example, Gibson Brands Inc. filed for bankruptcy this year and even Mike Tyson was $23 million in debt and filed for bankruptcy in 2003. If not for bankruptcy, many of our currently most successful men and women would certainly not have had the chance to have their financial debts forgiven and also try once again.
3. Less Stress
Bankruptcy could give your whole family the 2nd opportunity they are worthy of to live free of debt-related tension. Lots of research studies have shown that even children are adversely impacted by debts that remain unpaid and weigh their family down. Nonetheless, by getting rid of that debt concern, bankruptcy additionally eliminates the stress lots of children experience when their moms and dads are suffering under piles of financial debt.
4. Your Debt Is Not as Big as You Think
Even several lenders have turned to bankruptcy to ease their own debts, so why should you really feel ashamed of filing bankruptcy on your financial debts which are minuscule in contrast to the financial debts of large or even small companies? People make mistakes and this is natural. Believe, there are much worse situations than yours, so there’s no need to worry yourself too much.
5. Court Has No Prejudice
Bankruptcy courts will certainly not judge a debtor roughly since he/she made “silly” choices with their money. As long as there was no scams or fraud involved, bankruptcy can help anyone – even if you were not so frugal or prudent with your money. Trust us, even the most prudent people you’ve met sometimes need the help of bankruptcy.
Thinking about Bankruptcy? We Can Help
If you are thinking about bankruptcy as an option and require some clarification on whether it is right for you, Jack Setters and his company are right here to help you. Just give us a call to schedule a completely free, but professional consultation.