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Published on Jan 8, 2015
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Fear #2: I won’t be able to face myself if I don’t pay my debts. It’s embarrassing.
If you are concerned about this, ask yourself this question, “Do you know anyone else who got into severe financial difficulty and had to file bankruptcy?” When I ask this question I always get a “yes” answer. I then ask, “Do you think any less of them.” The response is without fail the same, “Oh no, they had no choice. They had to file their bankruptcy.” Isn’t that what you are experiencing?
Don’t be embarrassed. You are being much harder on yourself that you are on others. This is not something you are rushing into. In a perfect world, wouldn’t we all like to pay what we promised to pay?
Emergencies happen. Life changes. The world is a big tangle of big responsibilities and broken promises.
We have obligations to our families to care for them, responsibilities to prepare for our retirement so we aren’t a burden on others, and we also have obligations to pay our creditors.
Often, we can’t meet those other responsibilities without shedding the old debt. There simply isn’t enough money to do everything we are obligated to do.
Remember that the possibility that you wouldn’t be able to pay your debt was built into the price of the credit.
That’s why credit card interest is so high. The bank knows that not everyone will be able to pay it back.
Hundreds of thousands of people file for bankruptcy relief each year. They aren’t seeking this relief because they’re immoral. Bankruptcy is a financial planning tool that can help good people through some of the worst events in their lives, including job loss, death of a spouse, divorce, injury and illness.
Bankruptcy laws weren’t created to help bad people and deadbeats. The law is there to help people like you get out of problems quickly and honestly. When good people have serious financial problems, they owe it to themselves and their families to consider bankruptcy.