Many of the good people that I counsel regarding bankruptcy come into my
office under tremendous stress and are upset or even crying. Some of this
stress is without doubt caused by rude and unethical collection agents
that threaten, harass, and intimidate debtors at all hours of the day
and night. Some of the stress is caused by the realization that they have
come to a pivotal point in their financial lives and are in need of professional
help. For many people, however, there is a heavy feeling of guilt associated
with the concept that they may be filing for bankruptcy relief.
These are just a few things that I like to remind clients that are burdened
with feelings of guilt or shame:
In the vast majority of cases, it is not your fault.
In the case of health problems which bring on loss of the ability to work
full time and large medical bills: I have never met a person that tried
to get sick or injured. These are unfortunate events that simply happen,
and they are no one’s fault.
In the case of a failed business venture or investment: America was built
upon the spirit of entrepreneurship and risk taking. Without the courage
of those willing to take risks in order to create businesses and invest
in other’s businesses, this would not be a land of opportunity and
free enterprise. Bankruptcy laws are tailored to encourage this spirit
and provide a fresh start mechanism when such undertakings fail. Most
successful business people suffer through several business failures before
they experienced success. There is no shame in having given your best
effort and failed.
There are a variety of other circumstances that lead to financial insolvency.
Divorce, foreclosures, and unwillingness of creditors to work with debtors
on reasonable repayment terms are just a few. None of these are situations
that are entered into happily or with a deliberate intent to treat creditors
unfairly. They simply happen and the consequences must be dealt with so
that individuals can move on and become productive members of society again.
If any of these circumstances have fallen upon you, don’t blame
yourself and don’t take it out on your spouse. Evaluate your situation
calmly, learn from the past, and take action to move forward in the best
way possible.
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