When asked why they don’t file for bankruptcy, some people say that they just feel bad about it. They do have overwhelming debt. They can see how bankruptcy would be helpful. But they just feel guilty filing because they think that they should instead attempt to pay off that debt.
But guilt is not something that a person should be feeling when considering bankruptcy. This isn’t a moral decision. In fact, it’s probably not even really a decision that the person is making. The reason they needed to file for bankruptcy was probably out of their control to begin with.
For instance, medical bills are one of the main reasons people file for bankruptcy. But why would they feel guilty about that? They never wanted to get injured or to get sick, making it so they would need medical care. They also have no control over the cost of those medical services. This is just the system that they live within, and they are going to prioritize their health – even if that means using bankruptcy later to get rid of the medical debt.
Another common reason for bankruptcy is when someone’s income drops. They may have made perfectly responsible choices and budgeted so that they were being smart with their money. But sudden job loss or a significant drop in income can quickly make it so the budget doesn’t work anymore. Once again, it’s not as if this person has made any financial mistakes to put them in this position.
If this sense of guilt has been keeping you from filing for bankruptcy, it may be time to reconsider. Be sure you understand what legal options you have.