Friday, May 23, 2008

Bankruptcy — A Matter of Pride for Many...

Bankruptcy is the financial situation where you declare that you cannot repay your creditors at this time or see any way to repay them in the future. Depending on your income and the amount of money you owe, an individual may declare different types of bankruptcy. However, in either case, bankruptcy is a fairly public affair. Your name and address will be published in at least one newspaper. Some of your friends may read about it, and your neighbors might see movers coming to repossess some of their items you may have on lease. For many people, the worst part of bankruptcy isn’t losing the money; it’s losing pride and dignity. But you might as well realize that you can't pay your bills with pride or dignity.

The first, and best, way to deal with this is to realize that everyone has gone through money problems at one time or another in their lives. Although the majority could avoid bankruptcy, there is certainly no question that only the very lucky do not feel burdened by debts at one point or another. Simply put, people will understand. Even though you may feel like everyone is snickering at you behind your back, the truth is that most people are actually empathizing with you.

Also realize that not everybody will realize you’ve declared bankruptcy. Most people do not take the time to read the newspaper that carefully, and even though word does travel fast, it is not a topic that most people will bring up because it simply is not that interesting. You might feel like it's embarrassing headline news, but in actuality, most people probably didn’t even know about it.

It is important to continue with the process, even if people do find out. If you are embarrassed, simply understand that so are all people in this country who are going through the same thing. You are not alone. In fact, you may be able to get counseling to help you go through the bankruptcy process. You may be surprised at how many people have declared bankruptcy and gone on to be very successful.

If bankruptcy is the best thing for your family and your financial situation, it is most important that you fulfill the declaration. You should be mindful of taking care of yourself first, then worry about what other people may want to think. The most important thing is not what your neighbors have to say, but instead what you are doing to get yourself back on track financially so your future will be brighter.

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