Are You Avoiding Bankruptcy Because of the Stigma?

Does Bankruptcy Carry Stigma

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It used to be the case that bankruptcy carried with it a heavy stigma, forcing individuals with financial troubles to avoid facing the problem altogether. This course of action most often led to even deeper debt and more severe emotional distress. In today’s questionable and constantly changing economy, however, more and more people are beginning to see that filing for bankruptcy is not only a more common financial solution, but more a practical one as well.

Is Bankruptcy Stigma a Myth?

There are many common myths that surround the subject of bankruptcy. Unfortunately, each of these untrue rumors serves to contribute to the stigma most frequently associated with this important financial decision. Many individuals believe that filing for bankruptcy will result in the loss of a job or an inability to obtain one at all. Another myth states that a person must be absolutely destitute of all money and possessions before bankruptcy can be filed. This, just like the first notion, is absolutely untrue. In fact, if a family waits until their house and car have been repossessed, they have not truly taken advantage of what bankruptcy is designed to provide.

Combat the Common Bankruptcy Myths

If an individual in need of reliable financial advice is presented with these myths, he or she may be less likely to file for bankruptcy. It is important, then, for people considering this option to gain a fundamental basis of knowledge concerning bankruptcy. Contacting a certified bankruptcy lawyer is the most efficient method available, as these attorneys are inherently the most trustworthy source of this information.

Getting a Bankruptcy Attorney’s Assistance

After a financially compromised family contacts a lawyer concerning their situation, that attorney is able to begin the process of protecting that family’s rights and personal property. Potentially protected property may include a house, vehicles, furniture, appliances, computers and other possessions within the home. Retirement accounts and bank accounts are automatically exempt from bankruptcy law. Only an experienced bankruptcy attorney is able to determine which other items in a particular case will be exempt. Due to the nature of bankruptcy cases, these delicate situations are time-sensitive. This is why it is so crucial that a lawyer be contacted as soon as possible after the decision to consider bankruptcy is made.

A qualified attorney with experience in this field is fully equipped with the knowledge and expertise required to help bankruptcy clients make informed decisions regarding their financial situations. Because each and every set of financial circumstances is different, the bankruptcy lawyers who handle these cases make a point of providing close and personal care to each client. All aspects of the situation are taken into account, personally assessed and organized following the most effective and strategic plans available. Protection of clients’ rights and property are top priority, as is the pursuit of justice, in each and every bankruptcy case.

Important Disclaimer: The information discussed above and throughout this website should not be relied upon to make any decisions without first speaking to a bankruptcy attorney. There are many intricate rules of law governing bankruptcy with many exceptions to the general rules that could change the advice given by an attorney based on the differing facts in each person’s special set of circumstances. THEREFORE, it is important to discuss any information contained in this website with one of our attorneys before taking any action or refraining from taking any action.


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