There are many debtors who badly need to file for bankruptcy in order to get out from crushing debt and to begin to rebuild their credit scores. However, these individuals will often find that they are afraid of filing for bankruptcy because of how it will reflect on them. But bankruptcy will not send the same message as a lot of debtors might think, and very few will even know that you have filed for bankruptcy.
No One Will Know
When filing for bankruptcy, you might be concerned about others finding out that you filed. However, there is no reason that anyone has to know that you filed for bankruptcy. Unless you tell them, or you are a famous person, the sheer volume of individuals who file for bankruptcy will cause your bankruptcy to be buried, despite it being in the public record. Most likely, the only individuals who will know that you filed for bankruptcy will be your creditors, future creditors and those who handled your case.
You Are Doing The Right Thing
You may feel a sense of guilt for filing for bankruptcy. However, filing for bankruptcy is actually the responsible thing to do. You are taking steps toward making sure that some of your debt is paid off. There is nothing wrong with wanting to provide your family with things that they need even if you do so with credit. By filing for chapter 7 bankruptcy and freeing yourself of debt, you will have more finances freed up to take care of your family. Putting your family first is the right thing to do.
It is not your fault that you fell on hard times. Anyone can experience a family emergency, job loss, medical problem, or can have a failed business. When those who are well-meaning fall on hard times, they have the right to be bailed out, and the bankruptcy system was designed specifically for these types of people.
You Have Not Failed
Filing for bankruptcy is also not a sign that an individual is a deadbeat. A deadbeat is an individual who allows for money to be wasted on debt instead of doing something about it. A deadbeat is also someone who does not take the steps necessary to climb out of debt. Some individuals believe that the mere act of seeking out legal help is a way of admitting failure. But seeking help from a bankruptcy lawyer is actually an achievement to be proud of.
For more advice on filing for Chapter 7 bankruptcy, talk to attorneys like Dunbar & Dunbar.