Why Is Bankruptcy A Dirty Word?
Dirty Words. 4-Letter Words? Bankruptcy.
Why is filing for bankruptcy and starting over considered a faux pas?
No one wants to file for bankruptcy. But hearing stories from just a few of the millions financially struggling shows how it can make sense. Yet, a woman who had filed bankruptcy stated, “Bankruptcy is a dirty word. But, it saved our lives, it really did.” I was amazed that this woman was so relieved, yet refused to have her face shown during the interview. Convicted criminals will show their faces on television, and yet honest Americans are ashamed of filing for bankruptcy.
The United States has enacted bankruptcy legislation consistently since 1898. Bankruptcy legislation was passed earlier in United States history; however, the legislation was repealed later. Bankruptcy is not a new concept in the U.S. or other foreign countries.
Financial Difficulty Does Not Equal Failure
The current economy is an example of the reason honest debtors need bankruptcy protection and why the U.S. government has given such protection to debtors. Rising job loss leads to rising uninsured Americans, leading to staggering medical debt. People run out of choices and turn to credit cards and payday loans with high interest rates. Hardworking families are forced into mounting debt with no light at the end of the tunnel.
These families, who are unexpectedly faced with job loss, medical problems, etc., need to know there is hope. Bankruptcy allows families to remove most, if not all, of their debt and begin to live again. Families can begin to feel stress levels decrease and start looking to their futures.
A Remedy for Hope and Financial Freedom
How can a remedy that restores hope and financial freedom be a dirty word? Taking the step to enable your family to live debt-free, stress-free, and regain hope is not a shameful act. Bankruptcy signifies a fresh start, and that is not a dirty word.
A bankruptcy can give you a sense of control during this unpredictable time and, if necessary, help get you back on your feet financially.
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