Why You Should NOT Feel Guilty About Filing Bankruptcy

by Kelly M. Resnick, Managing Attorney, Resnick Law Offices, Serving the Bay Area

Everywhere we turn advertisements are there persuading us to spend our hard-earned dollars on goods and services we deem essential for our everyday lives.  Spending is great for the economy, but sometimes it’s not great for our personal economy.

For those consumers who can not afford to pay cash as we go, credit card companies have been relentless offering credit to everyone and anyone.  Readily available credit has made it very easy to live beyond our means.

It is common to have feelings of fear and guilt when we realize we cannot pay for the things we need, or pay back the debt we have incurred.  The recent housing crisis coupled with skyrocketing interest rates on credit cards have made maintaining debt payments difficult, and sometimes impossible.

Although these are valid feelings, there are a few things you should keep in mind:

  • Bankruptcy is a truly worthy part of our legal system premised on forgiveness, not punishment.  It helps keep families together, frees up income and resources for children and prevents homelessness.
  • Coincidentally, every successful bankruptcy returns a newly empowered consumer back into the economy.  However, this time the consumer is armed with knowledge to avoid financial pitfalls in the future.
  •  Defaults and bankruptcies are the costs of doing business as a creditor.  Even with the largest influx of defaults and bankruptcies in our lifetimes, the large creditors are still going strong.  So do not worry–the banks will survive even after you file bankruptcy!

It is true that there are negative effects of filing bankruptcy, and those should not and can not be ignored.  But it can also be your lifesaver in times of financial crisis.

Always contemplate both the positives and negatives of filing before making the commitment.  With proper guidance, you too can emerge from bankruptcy into a life of financial freedom!

 

 

 

Disclaimer:* This post and all others made on the Internet by Resnick Law Offices attorneys and staff are for informational purposes only. Internet posts that describe the outcome of a case are not a guarantee of a similar outcome in all cases. None of the information or materials posted are legal advice. Nothing posted as blogs, comments, answers, or other communications should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing of this information does not create or constitute, an attorney-client relationship. While Resnick Law Offices’ attorneys and staff try to be accurate, we do not guarantee accuracy.

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About Kelly

As the Managing Attorney at Resnick Law Offices, I work with clients one-on-one to create a personalized debt solution strategy. We represent clients in all areas of financial distress - Bankruptcy, Debt Settlement, Tax Debt Negotiation, Short Sale. It's never too late to get back on the road to financial success! We offer free 1 hour consultations for all new clients and offer affordable, competitive rates because we believe debt relief should be affordable for everyone! Feel free to email me directly with any inquiries: Kelly@ResnickLawOffices.com
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