Are you drowning in debt yet too embarrassed to file for bankruptcy? We get it – there can be a stigma of bankruptcy. You might feel ashamed or like a financial failure and worry your friends, family, or even your employer will find out and judge you.
While these worries are legitimate, it’s also important to understand that bankruptcy is simply a legal proceeding millions of Americans have gone through. It can provide numerous benefits and help you build a bright future for yourself and your family.
Learn about the advantages of filing for bankruptcy and how bankruptcy doesn’t have to be the end of your financial journey—it can be just the beginning.
Common Reasons To File for Bankruptcy
Anyone can face financial hardship. Even if you’re financially comfortable at the moment, your situation can quickly change and leave you considering filing for bankruptcy to get out of debt and improve your situation. Some of the top reasons to consider filing for bankruptcy are:
- Medical Debt: Medical bills are one of the top causes of bankruptcy. A single trip to the hospital for treatment or surgery can quickly leave you with many medical bills. If the medical expenses are too high, you can file for bankruptcy to get out of debt.
- Job Loss: If you suddenly lose your job or your income is drastically reduced, it can cause financial hardships and instability. Filing for bankruptcy can be the top option to overcome these situations and get back on your feet.
- Divorce: Divorce is expensive and can leave you treading water trying to stay afloat. Bankruptcy can help you start over and get a fresh financial start.
- Credit Card Debt: Out-of-control credit card debt can spiral quickly, leaving you to make high-interest payments. Bankruptcy can help you eliminate these costs.
- Unexpected Expenses: Everyone faces unforeseen expenses from time to time. If you need car repairs, plumbing replacements, or HVAC installations, call our experts for help.
Benefits of Filing for Bankruptcy
While you worry about the negative impacts of bankruptcy, like your credit score or the stigma, it’s essential to understand the benefits bankruptcy can provide. Some of the top advantages include:
- Debt Relief: Bankruptcy lets you discharge or significantly reduce your debt, providing immediate financial relief. This frees up resources for housing, food, and other essentials.
- Stop Harassment: When you file for bankruptcy, your creditors must stop contacting you for payments. This means they cannot call you, send threatening letters, or take other actions.
- Build a Financial Future: After finalizing a bankruptcy, you can rebuild your credit and focus on your long-term financial future.
Overcoming the Stigma of Bankruptcy
If you’re putting off filing for bankruptcy because you’re worried about what other people will think, overcoming this stigma and focusing on what’s best for your financial future is essential. Our bankruptcy attorneys want you to know that:
- Filing for Bankruptcy Doesn’t Mean You’re a Failure: Anyone can run into financial trouble anytime. Job loss, illness, or unforeseen circumstances can quickly lead to debt. When this happens, filing for bankruptcy can be a practical solution.
- Bankruptcy Is Not on Your Credit Report Forever: When you file for bankruptcy, it will stay on your credit report for 7-10 years, depending on the type of bankruptcy you file for.
- Many, Many Others File for Bankruptcy: You are not the only one filing for bankruptcy – even if it seems like you are. Millions of Americans have filed for bankruptcy. In fact, it’s a common way to get out of debt.
Let Us Help You
If you are drowning in debt but are hesitant to seek help due to the stigma of bankruptcy, it’s essential to learn how bankruptcy works and its benefits. Let our lawyers at the Law Offices of Alexzander C.J. Adams, P.C. help. We work for you, the people, and not institutions. Contact us for a free case evaluation or no-obligation consultation. We are dedicated to helping you overcome this minor bump in the road and assisting you in getting on with your life.
