People often hold out for a hopeful solution, even while their debt is mounting fast. They cling to other solutions besides bankruptcy- getting a raise, selling their house, and so forth. Why is bankruptcy the “worst case scenario” and something that causes individuals to drag their feet in trepidation?
Why People Avoid Filing for Bankruptcy
Two of the main factors that keep individuals from pursuing bankruptcy are fear and ignorance. People think they will be looked down upon by the rest of the society, they think that filing for bankruptcy is financially irresponsible. According to Walter W. Miller, Jr., a bankruptcy law professor at Boston University School of Law, “There’s always going to be some kind of abuse, but it’s far more likely that people run into very serious personal problems in one of three areas: losing their job, going through a divorce or suffering a serious illness.”
While bankruptcy is not a step you should take lightly or a step you should take without considering all of the alternatives, if you have found yourself in financial difficulty that you cannot get out of, filing for bankruptcy could be a viable option for you. If you choose to file for bankruptcy, it is important to remember that you can recover from this and that you are not alone. In the year 2011, for example, 1.37 million people filed bankruptcy in the United States. Georgia had one of the highest bankruptcy filing rates in the U.S. in 2011.
To break it down onto a more personal level, in the Northern District of Georgia from January to April 2013, there have been a total of 7,886 Chapter 7 bankruptcies filed and a total of 5,012 Chapter 13 bankruptcies filed. To see more local bankruptcy statistics, you can check out this link on the United States Bankruptcy Court Northern District of Georgia site.
Facing Your Fears
Facing the fear of filing for bankruptcy is one of the hardest aspects of bankruptcy. In the words of one former bankruptcy filer, “In this case, not taking a risk meant staying on the island and watch the water rise. But taking the risk meant dealing with the albatross (although was my livelihood) that was hanging around my neck.”
While filing for bankruptcy tends to have a negative stigma and can conjure up feelings of failure, bankruptcy is actually a chance at debt relief. It provides you with the opportunity to move into a financially brighter future- it’s the darkness before the dawn. If you choose to file for bankruptcy, we will help you maintain your dignity; you should not feel badly about your financial hardship!
If you would like to hear more bankruptcy myths debunked or if you have questions about bankruptcy that you need answered before you can move forward confidently, contact our Marietta bankruptcy firm, Cherney Law Firm, LLC today! Attorney Matthew J. Cherney has represented over 2,000 clients and would be happy to provide you with a free case evaluation. For the skilled legal representation you deserve, contact Cherney Law Firm, LLC at (770) 648-1483 now!