Bankruptcy provides financial relief for individuals who are overwhelmed by debt. However, many people feel embarrassed about filing.
It is imperative that you do not let your feelings prevent you from finding a way to eliminate your debt and take control of your finances and your life once again.
The following are several reasons why you should not feel bad about filing for bankruptcy:
- Medical Debt, Injury or Illness – A serious injury or illness can result in costly medical expenses. If you are unable to have these bills reimbursed through your insurance or a government program, your only alternative may be to file for bankruptcy.
- Loss of income – Whether you were fired, laid off, demoted, or otherwise experienced a loss of income and struggling to find work, such instances are sometimes out of control, so you should not feel bad for seeking bankruptcy to help you get back on your feet.
- Divorce – A hotly contested divorce can be a lengthy and very expensive process, which can leave you drowning in debt after an agreement is finalized. For many divorcing couples, they cannot escape the financial consequences of ending their marriage.
- Failed business – From the COVID-19 pandemic to other unforeseen circumstances, if the small business you launched ends up failing, bankruptcy may be the only option to recover from such a financial loss.
- Lessons learned – Bankruptcy enables you to learn from your mistakes. For example, if you end up struggling financially due to overspending, bankruptcy may help you not to repeat your errors and give you the fresh start you need to improve your spending habits.
Ultimately, most of these situations arise because of things that are out of your control. If the reason that you need to file bankruptcy was caused by something you could not control, then you did not do anything wrong. You are no different than your neighbors, friends, or family members. You just ran into a situation that you could not do anything about. Sometimes bad things happen to good people, and that is why bankruptcy laws exist in the first place. So, if you did not do anything wrong, why should you feel embarrassed? And even if you made mistakes in the past, that is the past. We all have made mistakes. Filing for bankruptcy, even due to mistakes, shows that you are doing what you need to do to get you financial life back in order for yourself and your family. There is no shame in that.
If you are interested in filing for bankruptcy in Sioux Falls, SD, contact Ronke Law, PLLC today at (605) 250-9988 and schedule a free consultation. Services available in English & Spanish.