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Why you shouldn’t feel guilty about filing for bankruptcy

On Behalf of | Jan 3, 2024 | Bankruptcy

For years, bankruptcy carried a significant stigma. It still does in many sectors of society. Yet, if you are in a position where you cannot meet your payments, feeling guilty won’t help. What’s more, it could do you a lot of harm. People often underestimate the mental effect debt can have on someone, affecting their relationships and work.

While you must take any loans you get seriously and do your best to keep up with payments, it’s important to remember that creditors are not fools. They did not give you money out of the kindness of their heart. They did it because they were looking to make a profit, and they knew there was a chance you might not pay it back.

When lenders assess risk, they know some people will pay their debts back on time, others will pay late and some will never manage to pay it all off. The same applies to credit cards. Lenders know some people will pay their usage back without incurring interest, others will pay significant interest and a portion of cardholders will pay interest and fees then file for bankruptcy while still owing money.

Lenders would not lend if it were not profitable

When you look at things from this point of view and consider your debt as just another statistic in a creditor’s risk sheet, you will hopefully feel less guilty. Thousands of people and businesses go bankrupt every year. Plenty of highly successful businesses have only been able to start because the owner filed for bankruptcy on an earlier project that did not go to plan.

You need to look after yourself and your family, just as your creditors look after themselves and their shareholders. Learning more about bankruptcy may be an important first step in this.


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The Law Office of Kim Covington, is a woman owned debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 24 years.