Earning enough to live in the modern-day United States is not easy. This is even more true if you have a family to feed or incur sudden unexpected expenses due to an accident, illness or natural disaster.
Even if you have cover for such events, it can take a long time to get compensation if you manage to get it at all. So, it’s unsurprising that many people reach a point where they can no longer meet their bills.
Yet rather than admit it and start looking at bankruptcy options, they try to hold out. Why is this?
The stigma surrounding bankruptcy
Many people likely delay filing for bankruptcy because they are scared of what others might think or say. In a country where so many see wealth as the sign of success, admitting you’re broke can seem embarrassing – like you are admitting you’ve failed.
Don’t let it put you off. Here are some things to remember:
Others you know may be in a similar situation
If you have serious debt issues, then know that you are not alone. Some of those you know likely have (or had) debt problems too. It’s just that they may also be too embarrassed to admit it.
Many wealthy people filed for bankruptcy before finding success
Many famous business owners that are now highly successful had spectacular failures along the way. They used bankruptcy to start afresh and try again – in some cases on multiple occasions – until they eventually hit gold.
Your debt is pretty insignificant on the scale of things
The news that Evergrande has just filed for bankruptcy can help put your potential bankruptcy into perspective. Their debts are in the billions and their problems will affect thousands of people if not more. By contrast, your bankruptcy is unlikely to do this.
So don’t feel bad about filing for bankruptcy. It may be the only realistic option you have to move on with your life.
