Bankruptcy: A Responsible or Irresponsible Choice?

May 21, 2013

In 2012, more than 1,000,000 Americans filed for personal bankruptcy. Job loss, health issues and divorce were just a few of the principle drivers that pushed these individuals into the protection of the bankruptcy court. For most, declaring bankruptcy wasn’t simply a legal act. It was a challenging personal choice, too.

 

Traditionally, many debtors feel emotions like guilt, shame and embarrassment for finding themselves so close to insolvency. They worry that bankruptcy is an irresponsible choice. They wonder what their parents, friends, and siblings may say about them.

 

Sometimes, bankruptcy is an irresponsible choice. For a debtor who has plenty of cash-on-hand and ample monthly income to cover his or her costs, it may be difficult to justify filing for Chapter 7 or Chapter 11 bankruptcy. In some situations, bankruptcy may not be the best way forward.

 

On the other hand, in most situations, declaring bankruptcy is the right decision, not the wrong one. The unexpected is part of life. Sometimes housing prices fall unexpectedly or interest rates rise when you least expect it. You can’t always guess when you’ll inexplicably lose your job or face an expensive medical condition. For many, it’s unfair to hold yourself to an unrealistic standard. For these situations and more, bankruptcy isn’t just available to you – it was intended for you.

 

Ready to find out more about the role personal bankruptcy may play in your future? The attorneys at the Dallas law firm of Fears Nachawati are prepared to give you the advice you need. Talk to us today for your free consultation.

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