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Do you feel bad about filing for bankruptcy?

On Behalf of | Feb 21, 2024 | Bankruptcy

A lot of people delay filing for bankruptcy for a considerable time. While it is essential that you take your time to consider if it is right for you and to look for alternative solutions, delaying the inevitable can prolong your agony.

Having debt you cannot afford to pay back can play havoc with your mental health, and filing for bankruptcy can help a lot.

Many people feel bad about filing

There has always been a stigma about bankruptcy in some circles. Even though many famous businesses have had to do it, and even though many well-known successful entrepreneurs needed to file for bankruptcy before striking business gold.

There is a growing awareness that life is not always fair and that working hard does not guarantee you can afford to live. Job losses and medical emergencies are just two of the things that have caused plenty to reach debt levels they’re unable to cover. You’ll probably find that most people are sympathetic, rather than critical if they find out you have filed.

Lenders expect some people to file

Lenders are not stupid. They run highly profitable businesses, lending to a variety of people and companies and knowing that some of them won’t be able to pay it back. The total amount they make in interest and late payment fees covers the occasional cost of any debts they need to write off.

If you are feeling reluctant to file, consider help to learn more about how bankruptcy will work.


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