Filing bankruptcy is nothing to be ashamed about

Bankruptcy rates have surged in recent years, as the recession pushed many Americans into dire financial straits. About 32 percent more Americans filed bankruptcy in 2008 than in 2007, and the number of filings generally continued to climb until this year.

Despite the increase in the popularity of bankruptcy, many Georgia residents who are in need of debt relief may hesitate to pursue bankruptcy protection due to its stigma.

Many people who are struggling with debt may feel embarrassed; however, those who are in financial distress do not need to feel any shame about seeking bankruptcy protection. Bankruptcy protection is a very important part of the U.S. legal system, as it allows honest debtors a chance to obtain a fresh financial start.

The stereotype that those who file bankruptcy are spendthrifts is only that – a stereotype. In reality, many hard-working and honest people struggle with debt not because of irresponsible spending, but rather due to uncontrollable events. Sudden medical issues, unexpected job losses, and failed investments are common events that lead people into bankruptcy.

Those who are overwhelmed by debt should not allow shame to stop them from solving their financial problems. Bankruptcy is an important safety net that allows many Georgia residents to close a difficult chapter and turn to a fresh new page.

Filing bankruptcy, however, may not be the best option for everyone. It is important to seek legal counsel to learn about all of one’s options to deal with financial problems before pursuing bankruptcy protection.

Source: CNBC.com, “The good thing about bankruptcy,” Sakina Spruell, Oct. 21, 2013