For most people, the thought of filing bankruptcy is the last thing they ever want to do in their life. Most individuals think of bankruptcy as a financial decision but in reality it is more of an emotional decision. When someone has a large mass growing out of their side they will go to a surgeon to have the mass removed. The same should apply to a person's finances, when they fail, they shouldn't bury their head in the sand and act like there is not a problem, but immediately make an appointment to consult a bankruptcy attorney to get their options. The difference between health issues and financial issues is pride. Although it is true some people don't want to admit they are sick and have something wrong with them, it is more so when it comes to financial matters. Many people still believe that filing bankruptcy is admitting failure. So instead of facing it head on they do everything within their power to try to kick the can down the road and hope something will come along to fix it. What really happens is, the financial cancer metastasizes and destroys everything in its path.
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In the past, most Americans believe that someone who has to file for bankruptcy was a failure. In reality, it's far from the truth. Many large corporations file bankruptcy to clear their books, while allowing them to renegotiate labor contracts and vendor contracts. In fact, most corporations exit the bankruptcy filing being leaner and meaner and more profitable. This doesn't sound like failure to me, but a renewal.
With pride comes fear. Many individuals fear what the bankruptcy court will do to them when filing bankruptcy. There is this idea that the bankruptcy judge, the trustee and all the creditors will line up and flog them at the meeting of creditors. In reality, no one shows up. Creditors know that it is futile to file an adversarial proceeding against the bankruptcy filing unless there is obvious fraud by the debtor. 99% of the time, the debtor will get a bankruptcy discharge, so why would the creditor want to waste the expense to fight it.
In today's economy, about 1.5 million Americans are filing bankruptcy every year. It has become very common as most people have no other choice but to file. Many individuals got caught with their pants down when the real estate bubble burst and have been doing everything they can to keep the ship from sinking. Many honest folks state to their bankruptcy attorney after the bankruptcy filing that the only thing they would change was filing sooner. Many feel that that pressure lifted off of them as soon as the bankruptcy petition is filed with the court. Knowing that the creditors can no longer contact you for many is worth the entire process. Removing the pressure of the constant bombardment of phone calls, allows a person to live once again. My mom always used to say, "What do you have to lose to ask?" Taking the time to consult the bankruptcy might be life changing.
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