No one likes the idea of having to file for bankruptcy. Doing so often feels like a “failure” and causes many people a great deal of shame and worry.
However, while bankruptcy is certainly not something you should ever rush into, you should know that it can actually be a very good thing. It can give you a “second chance,” financially speaking, and provide a fresh financial start.
For that reason, you should know that bankruptcy is not something to be ashamed of, nor is it something you can’t “bounce back” from, so don’t let these kinds of fears keep you from taking advantage of the wonderful help that bankruptcy can offer.
If you still can’t shake the worry, something that may ease your mind is the fact that very few people are actually going to know about your bankruptcy filing. Your attorney, you, and your creditors are really the only people who have to know.
Plus, it’s not as if bankruptcy is uncommon. In fact, statistics show that as many as one out of every ten Americans will file for bankruptcy at some point in his or her life.
And, if you’re worried about not being able to get credit in the future or about having bankruptcy show up on your credit report, know that this decision is not nearly as financially devastating as you may have been led to believe. Yes, it can negatively impact your credit, but if you act responsibly following the bankruptcy and take steps to slowly but surely rebuild your credit, you can actually end up in a much better financial situation than you were previously in.
Bankruptcy may not be an ideal situation, but don’t let worry or fear keep you from taking advantage of something that could, in the long run, make things much better for you.