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Should you worry about a stigma surrounding bankruptcy?

You might be considering filing for Chapter 7 or Chapter 13 bankruptcy, but several things are holding you back. You have long believed that there is an embarrassing stigma to going bankrupt and that doing so would be giving up – a very last resort. If so, you are not alone. Countless people experiencing financial difficulties in Florida and elsewhere are facing a difficult decision. Will it help to file for bankruptcy, or is it simply too shameful to try?

In the first place, why is there such a perceived stigma surrounding bankruptcy? Your family and friends might have vehemently advised against it, stating that it would ruin your reputation for life. You may worry about your credit score suffering or not getting approval for a home or auto loan again. You might feel guilty about the prospect of discharging your debts, believing that it is your responsibility to repay what you borrowed.

The following points might help you feel a little better about your misgivings:

  • Bankruptcy is not uncommon – about one in 10 people file for personal bankruptcy at some point during their lives.
  • Most lenders understand that bankruptcy is a normal part of life in today’s uncertain times. Banks are more willing to extend credit to people recovering from a bankruptcy.
  • It is possible to begin rebuilding your credit immediately after your bankruptcy discharge, and a bankruptcy should not impact you for life.
  • More people are understanding about bankruptcy than you might expect and would not hold it against you.

If you feel ashamed about not being able to repay your debt, keep in mind that financial difficulties can happen to those who least expect them. Bankruptcy law exists to repay creditors to the best of your abilities, as well as to help you if you have overwhelming debt.

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