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Is bankruptcy your fault? The odds say no

On Behalf of | Nov 26, 2021 | Bankruptcy

If you’re considering bankruptcy, you may be worried that friends and family members are going to think that it’s your fault and blame you for some sort of financial mistake. You may worry about how they’re going to see you. You may even stress yourself, wondering what errors you made and why you did things that put you in this position. 

But is it really your fault? When you look at the statistics, it’s very clear that odds are it’s not your fault at all. Most people who file are not to blame for the circumstances surrounding that filing. 

So why do they file? 

To start with, the most common reason for a bankruptcy filing is just that someone can’t afford their medical bills. Is it their fault that they got sick and the treatment cost more than they had in savings? Clearly, it’s not. Insurance can help to some degree, but not everyone has it, and many insurance policies are entirely inadequate. You may be facing bills that you just can’t afford due to injury or sickness that you didn’t cause. That’s not your fault in any sense, and bankruptcy may be a useful tool. 

And it’s not just medical bills that lead to bankruptcy. Many people see their wages reduced or they lose their job. Some have overwhelming student loans, so they can’t afford the rest of their debt. Others have been victims of financial fraud and lost the money that they had saved. 

There are countless reasons why you may need to file for bankruptcy that have nothing to do with your own financial choices. Always make sure you know what options you have.


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