Daily Archives: February 28, 2012

Feel Guilty Filing Bankruptcy? Good!

G Is For Guilty

image credit:  Dreamstime

Most of us have been taught to pay our bills.

If you borrow money, you should pay it back.  We get mad at our “friends” who don’t pay us back.

Whether it is money for furniture, a truck, a car, a boat, a house, a vacation, a student loan to get through college, or a loan from a friend or relative. We are supposed to pay it back as promised, or, at worst, when we can.

I tell my clients who file Chapter 7 bankruptcy, if you get the money later, you can pay back whoever you want.

Filing bankruptcy does not prevent you from paying your debts, it gives you relief from oppressive creditors.

Some clients told me last week they were feeling so guilty, even though they have no choice.

People who file Chapter 7 bankruptcy do not have the money to pay their bills, whether they file or not.

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5 Responses to Feel Guilty Filing Bankruptcy? Good!

  1. Your words here are so profound and spoke to our faith. There is such a stigma towards people who file bankruptcy that you can’t help but feel that you are doing “wrong” somehow. After reading this, we feel more hope about our future. Especially for our children. Something we haven’t felt in many years. Thank you.

  2. A Bankruptcy wipes out all a person’s eligible debts usually within nine months. In the vast majority of cases the debtor has no assets that he or she would lose. Bankruptcy gives a person a relatively quick “fresh start”.

    Bankruptcy in Canada should only be a last resort. Common reasons for Canadian bankruptcy are job loss, excessive student loan debt, or medical expenses.

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