You are Not Alone
If you are considering filing for bankruptcy, you are by far not alone. And you should be proud of your ability to assess your circumstances and take a step forward, rather than hide from reality until your debt crushes you.
Filing for Bankruptcy May be the Responsible Thing to Do
Sometimes people are made to feel bad for filing for bankruptcy. Sometimes people are made to feel bad for their creditors.
Think about this: when people file for bankruptcy it is because they are faced with debts they cannot possibly repay. If those people continue to ignore their circumstances and rack up debt, they will have more creditors that will ultimately never be repaid than they would have if they had already faced reality, filed for bankruptcy, began rebuilding their credit, and paid new bills timely.
A person should not lackadaisically acquire debt knowing they can always just file for bankruptcy, but few people really behave that way. Sometimes filing for bankruptcy is the responsible thing to do – for you, your family, and your future creditors.
Who Files for Bankruptcy?
If your debt is burying you, you may be considering filing for bankruptcy. People who file for bankruptcy are often facing one or more of the following: more credit card, medical, and utility bills than they can pay, money judgments against them, job loss or garnishment of wages, relentless calls from collection agencies. It can happen to anyone. It does not mean you have been irresponsible with money. Hard circumstances befall us all in different ways, and for many people it is hard financial circumstances.
By discharging much of the debt owed, people who file for bankruptcy are given an opportunity to get back on their feet with a fresh start. Beware, however, if you attempt to defraud your creditors and hide your assets within one year before filing for bankruptcy, you may not be allowed to file for bankruptcy, or the bankruptcy court may recover the property you tried to hide.
When you file for bankruptcy, an automatic stay is placed on your creditors’ attempts to collect debts.