People only file for bankruptcy when they are struggling with overwhelming debts, and they may not qualify for bankruptcy if they have a high enough income to address them. While many people are eligible for bankruptcy even if they have no income whatsoever, they often hesitate to file because they feel ashamed or they believe that bankruptcy is not a noble choice.
Unfortunately, this is a belief held by many, but it should not be this way. The longer that debtors delay taking action to resolve their debts, the more financial trouble they can get into. What’s more, the notion of bankruptcy being something to be ashamed of is simply unfounded. The decision to file for bankruptcy can be considered brave and courageous — an action that you are not only doing for yourself, but also for the sake of your children. The following are some reasons why you can be proud of filing for bankruptcy.
Everything you are doing is legal
Bankruptcy is a legal tool for those suffering from overwhelming debt. You are doing nothing wrong by taking advantage of this legal tool to get relief from your debts.
It requires short-term sacrifice for long-term gain
Bankruptcy is not easy like many people are led to believe. It requires that you, from asset liquidation to the repayment of debts through saving your disposable income. However, this short-term sacrifice will lead to long-term gain if you are able to complete the bankruptcy.
You are setting a great example for your children
Your children need to learn that challenges should be faced head-on and that when encountering challenges in their life, they should resolve them rather than burying their head in the sand. What better way to set an example than filing for bankruptcy when you are struggling financially?
If you are stressed about overwhelming debts but are, learn more about how bankruptcy would work in your situation.