AP News reports that every year, only a fraction of Americans that need financial help file for bankruptcy. 14% of U.S households need financial help but only 1% of them file for bankruptcy. Many wonder why these households are not getting the financial help they need. Bankruptcy attorneys have a simple explanation: bankruptcy is a taboo subject. The fear of bankruptcy, the lack of education about bankruptcy, and the fact that many individuals think that this is the start of a difficult time and not an end to one, are all reasons why people disregard the idea of bankruptcy when dealing with financial troubles.
From The Article:
“Too often, people drain retirement funds or other assets that would be protected in bankruptcy to pay debts that will ultimately be erased, she says. Putting off bankruptcy also can make it harder to come up with the $1,500 needed to file a typical case.”
Bankruptcy attorneys want Americans to know that bankruptcy is not the end of your freedom. It’s an opportunity for people to start over.
Information about bankruptcy that everyone should know:
- You won’t lose everything
- You can get credit again
- Those who have a successful bankruptcy don’t wait until the last second