We've already discussed some of the more common drawback for bankruptcy such as having to give up assets during Chapter 7 or damaging your credit report severely for several years. Here we would like to discuss some of the more personal and emotional drawbacks you may face when filing Chapter 7 or Chapter 13.
Among all the ramifications of bankruptcy, the emotional ones are often overlooked. For example, your family members (including older parents) may have a very poor view of bankruptcy and those who end up filing Chapter 7.
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We're not saying that you should rejoice at the thought of declaring bankruptcy, or that there aren't negative consequences. However, many people reach a point where they are no longer able to deal with their overwhelming debt load, and they may feel that Chapter 7 is the only way.
If you have discussed this thoroughly with your financial advisor or bankruptcy lawyer, then you may decide that filing Chapter 7 is the best way to go for you and your family. Still, family members may not understand what you're going through, or they may attribute your circumstances to irresponsibility or trying to get out of paying your obligations.
Our point is that declaring bankruptcy may bring with it the stigma of failure (at least in the eyes of your loved ones), but you should make your decision based on what is best for you and your family and not simply out of a need to avoid shame.
So how should you yourself feel about your current financial circumstances? Well, if your bankruptcy filing is a result of overspending and irresponsible financial decisions (as is often the case), then you must take this as a chance to learn from your mistakes and create a better future by obtaining a fresh financial start.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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