Financial Struggles Happen
There are plenty of things in life that make people feel guilty or ashamed, but filing for bankruptcy should not be one of them. Financial struggles are something that is more common than you think and can happen to the best of us. Even if you are financially responsible, there are circumstances that are out of your control such as losing a job, dealing with health issues and the related medical bills, going through a divorce, or experiencing the failure of an entrepreneurial endeavor.
Whatever the cause of your financial struggles, it is important to know and believe that bankruptcy is not a dirty word. The last thing you want is for the fear of embarrassment to stop you from doing what is in your best interest. Especially since creditors are likely the only ones who will be aware that you filed for bankruptcy. Although there will be a public record of it, a person would have to be making a conscious effort to search for the names of those who have experienced bankruptcy — not an activity most people choose to do during their free time.
An Opportunity In Disguise
Many people think that filing for bankruptcy equates to losing all your possessions. This couldn’t be further from the truth. Bankruptcy is an opportunity to save the things that matter most to you. And, equally as important, the chance to get a fresh start. It’s also an opportunity to learn from past mistakes. We all make them. What really matters is how we choose to deal with these and to approach these unforeseen circumstances after the fact. Regarding factors beyond control, it may show you the importance of creating and contributing regularly to an emergency fund. There is a power in being prepared for the unexpected and that is a valuable lesson learned.
No matter what your situation may be, it is crucial to have the ability to step back and view things through an objective lens. When you remove the stigma of the word “bankruptcy”, you’ll be pleasantly surprised to find freedom in the ability to start fresh.
Everyone deserves a second chance and yours starts with a simple first step: Make the call. You’ll be glad you did.