Feeling Good about Starting Over Debt Free

You Have the Right to Feel Good After Filing for Bankruptcy Protection

Bankruptcy has gotten a bad rap. The media likes to portray celebrities who file for bankruptcy as failures, people who had it all and messed it up. Of course, the implication is also that anyone who files for bankruptcy should feel shame, regret or a sense of defeat. Nonsense!

Bankruptcy laws have been in place for centuries, providing a means for people to get a fresh start. Statistics show that most bankruptcy filings stem from unforeseen circumstances — the loss of a job, a serious illness or injury, a divorce — and not from poor money management or spending habits. Studies show that fewer than one percent of people who file for bankruptcy are abusing the system. According to research done at Harvard University, the prevailing reason for a bankruptcy filing is some form of health issue.

The reality is simple — the U.S. bankruptcy laws were enacted to be used, to provide an avenue for people to step off the downward spiral of having too few resources to meet too many obligations. The laws were enacted to help people resolve financial challenges with dignity, rather than facing the seemingly endless calls, letters and legal maneuvers creditors and collection agencies engage in.

The reality is that many people we consider to be models of success — Abraham Lincoln, Donald Trump, Henry Ford — all sought protection in bankruptcy at some point in their lives. They understood that the bankruptcy laws are really a safety net, an assurance that when you work really hard to turn your financial life around and you just can’t make it happen, you won’t be out on the street. You can get some relief from creditor harassment while you put a plan in place to get your financial house in order.

Contact John Hargrave and Associates

We have provided comprehensive counsel to individuals in and around Barrington, New Jersey, since 1977. To schedule a free initial consultation, contact our office by e-mail or call us at 856-547-6500.

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