For many people, filing bankruptcy would be embarrassing. I know because I've heard that many times. After all, most of us were taught that good people pay their debts and bad people don't, or something similar. So what are we supposed to do when our debt gets to the point that making debt payments prevents us from providing for ourselves and our families?
1. Congress passed laws providing for bankruptcy not to be nice to people in trouble with debt, but to provide a way to get those people back into the economy by removing the burden of large debt, providing them with a Fresh Start so they can once again move forward in their lives.
2. Organizations that provide credit do it knowing that a certain percentage of people won't be able to pay back the money they owe. It's simply a part of that type of business.
3. Once the burden of debt is eliminated in bankruptcy, people once again look forward to the future with pride. How do I know this? By what clients tell me after their debts are discharged in bankruptcy, and also what I see in their eyes, body language, and conversation at some point in the process of their bankruptcy case. Really, the thing that prompted me to write this article was an email that arrived today, saying "I am grateful to have my priorities in order and my pride back." I could include many other quotes saying similar things, but I'm going to let that one stand for all of them.
Ask yourself this… Would you be more proud of not filing bankruptcy or of being better able to provide for yourself and your family and their future once the debt is gone?
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