The “B” Word: A Behind-The-Scenes Look at Bankruptcy and Its Negative Implication

by Jack Morrison on October 5, 2011

If you’re severely in debt with no hope of resolving your finances in the foreseeable future, you’re stuck in a very real hell. But like most people, you’d rather experience a root canal without morphine than file for bankruptcy. Why is that?

The social stigma and reputation of the “b” word: bankruptcy.

No one takes bankruptcy lightly. But chances are, your situation is not going to get resolved. And probably you’ve already beat yourself up enough. Bankruptcy could be just the salvation you need.

The truth is, how can bankruptcy have such an unpleasant reputation if it provides people with an opportunity to start over financially? Let’s take a look at what bankruptcy can really do for the average hard-working American who has come upon some really bad luck. Bankruptcy eliminates your responsibilities to pay the debt that’s owed. Credit cards, deficiencies on mortgages, wage garnishments, etc. can be erased by filing. Other than paying your debt in full, bankruptcy is the most efficient, permanent method of resolving outstanding financial debt.

But negative portrayals in the media and misinformation leads people to think the worst. Bankruptcy’s bad reputation comes from society’s (and possibly friends and family) suggestion that people who file for bankruptcy are taking advantage of the system. There is a misperception that people who file for bankruptcy are outcasts, that they lived a good life and don’t have to pay for that advantage. Those who are financially solvent just can’t put themselves in your shoes.

In reality, the majority of us who file for bankruptcy are not bad people trying to evade the system. You never once imagined you would be in this situation. But if you’ve fallen on financially troubling times, you are not alone.

Are you interested in talking to someone trustworthy and understanding about your situation? Then you might want to sit down with a knowledgeable Worcester bankruptcy lawyer. Call my office, the Law Office of Jack Morrison, today at 508.852.7800 or reach out via our contact form. Thank you.

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