Many people tend to think of filing for bankruptcy as a personal failing. In fact, this is why some people refuse to do it. Bankruptcy could clearly help them, but they think it’s a sign that they have made financial mistakes and/or they feel bad using bankruptcy to get out of debt because they view it as a form of irresponsibility.
However, it’s important to avoid thinking of filing for bankruptcy as a failure. Think of it as an opportunity for a fresh start. Financial troubles have occurred, and bankruptcy may be a way to eliminate those troubles and move forward toward a more productive future. This isn’t a failure, but a step toward creating the future that you really want and deserve.
Why are you filing for bankruptcy?
One important thing to keep in mind is that you are probably not responsible for your need to file for bankruptcy. The financial challenges of most filers are not due to anything that they did or failed to do. Instead, like most filers, your situation is likely largely out of your control.
For instance, many people find themselves facing overwhelming medical debt after something unexpected happens. If you’re in that situation, you know that you need medical care, and you have to prioritize your health. There’s nothing wrong with that, and it is not your fault that medical care is expensive. Why not use bankruptcy to get rid of that debt so that it doesn’t cripple your family’s finances?
Another top reason for bankruptcy involves job loss. Losing a job may also not be your fault. Maybe your employer’s company had to downsize. You didn’t do anything wrong, but you did lose your source of income, so now you need to address your debt.
There are a variety of options available to those who are struggling financially, including Chapter 13 bankruptcy and Chapter 7 bankruptcy. Seeking personalized legal guidance can help you to accurately ascertain which approach may best serve your needs and help you to get back on track.