Bankruptcy Guilt: Why You Need to Redirect Your Energy
Many times, we see our bankruptcy clients in anguish over the thought of wiping out their debt. They feel guilty about walking away from their creditors. In some cases, the dilemma is obvious; the small-town doctor who agreed to bill you for your office visits, resulting in a small debt, or the local credit union that tried to work with you on your late payments. However, if you are feeling overly guilty about discharging credit cards or personal loans from large financial institutions, think again.
JPMorgan Chase & Co. (NYSE: JPM) reported a net revenue of $43.7 billion for the fourth quarter of 2024, which was a 10% increase from the previous year. This was accompanied by a net income of $14 billion and an earnings per share (EPS) of $4.81. America’s biggest bank by assets said it paid its longstanding CEO $39 million for 2024, up 8.3% versus last year. It was a good year for JPMorgan Chase.
Was it a good year for you?
When it comes to finances, American families need to do what is best for their household. The large lending institutions are doing what is best for their shareholders. You need to do what is best for your family members.
Bankruptcy: A Path to Financial Control
Bankruptcy is a legal debt relief option that debtors can use to gain control over their finances. Creditors may try to sell bankruptcy to the public as an easy way out surrounded by shame and guilt. Making the decision to file for bankruptcy is not easy; however, it is a decision some need to consider.
Benefits of Filing Bankruptcy:
- Automatic Stay: Relief from creditors.
- Debt Discharge: Discharge of most unsecured debt.
- Asset Protection: Protection of exempt assets.
- Fresh Start: A new beginning financially.
Additional Benefits in a Chapter 13 Bankruptcy:
- Repayment Plan: Court-approved repayment plan.
- Interest Rate Discounts: Trustee discount interest rate.
- Mortgage Relief: Possibly removing a second mortgage from your residence.
- Vehicle Payment Adjustments: Possibly paying a vehicle’s value to the lender instead of the loan amount.
Do what is best for your family and do not worry about the creditors. We do not endorse reckless spending; however, in most cases, our clients have experienced a disaster out of their control. The creditors have extended credit and are well aware of the risks and, as shown above, are still profiting.
Know Your Options
If you’re considering bankruptcy, know that you’re not alone and that it’s a viable option for regaining financial stability. Our Kansas City Bankruptcy Attorneys are here to guide you through the process and help you make the best decision for your family’s future.
Connect with us today for a stress-free legal experience!
