Then again, maybe your family business hit some hard times recently, and you were forced to choose between wiping out your savings and witnessing the end of your small business dreams.
Perhaps you are among the many Americans who have unfortunately experienced a divorce and are struggling to make up for the loss of income. If we would just focus on statistics, then there is a high probability that you have been overwhelmed by credit card debt because you were simply living beyond your means and indulging in some good old-fashioned instant gratification.
You can probably identify with some, if not many, of the above descriptions. If you have reached the point of seriously considering bankruptcy, you are probably being hounded daily by bill collectors who continue to add to your financial and emotional stress. Unfortunately, this story is far too common in the United States these days, as so many people find themselves overwhelmed by credit card debt and other types of consumer debt. The stress of facing a mountain of debt can make you lose sleep and damage your health, not to mention put your marriage and family relationships under considerable strain.
There are, of course, a number of ways you can deal with your out-of-control debt problems. We don’t mean to imply that bankruptcy is the right choice in every situation. Not at all. However, if you are under severe strain, you need to at least consider this as a possibility. Too many people avoid this discussion altogether because they are embarrassed by the thought of having to declare bankruptcy, and meanwhile they continue to barely get by from month-to-month. Even worse, they may cash in their retirement funds or get a home equity loan (which puts their home in danger) to pay off their credit cards, only to end up declaring bankruptcy anyway down the road.
Before you make up your mind solely on your preconceived notions or the fear of bringing shame upon your family, let’s clear up one myth right now. Bankruptcy is not a way to rip off your creditors or to get away from your financial obligations because of laziness. True, some individuals may try to use the bankruptcy system in order to take advantage of others and avoid having to pay debts. However, we believe that, overall, bankruptcy is a legitimate way for many Americans to get back on their feet while putting an end to debt collections, stopping foreclosures and wage garnishments, and protecting themselves from lawsuits. Besides, the federal bankruptcy code puts requirements in place to minimize illegitimate filings.
Don’t feel embarrassed because you have to visit this website or speak with a bankruptcy attorney about your options. Continue to investigate how bankruptcy may help your situation, and don’t worry about other people’s prejudices or haughty criticisms. Also, remember that there is a life after bankruptcy despite the obstacles in the short term.