Why Bankruptcy Debtors Should Never Feel HumiliatedOne of the most common statements that we hear when a debtor files bankruptcy is that they feel humiliated about their bankruptcy filing.  But what do they really mean when they say this? Do they mean that they feel humiliated that bankruptcy will stop creditors from harassing them via the phone and mail and they their debts will be forgiven?  Or, do they mean that the ordeal that put them on the road to bankruptcy made them feel humiliated?  Do they mean that the anti-bankruptcy attitudes of uneducated commentators made them feel humiliated?  The truth is that there is absolutely no reason for a debtor to feel humiliated about filing for bankruptcy.  Below are a few good reasons why debtors should never feel humiliated about filing bankruptcy:

  • Bankruptcy was put in place by our forefathers to insure that financial mistakes, mishaps or misjudgments would not eternally doom a debtor to life-long collections actions by creditors.  By allowing a debtor to discharge their debts in bankruptcy, even debtors who made foolish decisions that lead them down the road bankruptcy could get a second chance.
  • Debtors should never feel humiliated about bankruptcy because everyone makes a mistake especially when it comes to matters of finance.  Look at our country, we are deeply in debt and even the most sophisticated accounts and advisors have been unable to shrink the national debt.  This is the same for other nation-states around the globe.  If nation-states are unable to keep themselves out of debt, certainly we can expect that some of us less financially sophisticated individuals may fall into debt and need the help of bankruptcy at some point in our lives.