When it really comes down to it, a bankruptcy filing should be one of the person's first choices to eliminate a large amount of debt. For years and years, the topic of filing bankruptcy has carried a stigma that has embarrassed people that have had to file. In reality, there is nothing to be embarrassed about, filing bankruptcy is one of the bricks that are required to make our capitalistic society flourish. That's not what creditors think though, they want Americans to believe they are trash if they would dare file for bankruptcy to eliminate debt. Without bankruptcy, the American entrepreneurial spirit would be gone because there would be no room for failure. Who would take out a loan on a business idea if they knew that the debt would follow them for life if they failed? Nobody really wants to fail and end up filing for bankruptcy, but sometimes it happens.
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Because of the pressures our American culture has placed on us, people use bankruptcy filing as the last resort, when in reality they should be consulting a bankruptcy attorney immediately when there are signs of financial problems. It's almost like the old cartoon where the people have a devil on one shoulder and an angel on the other giving them advice. The devil will call them a loser and a failure and tell them not to file bankruptcy and on the other side the angel will be encouraging the individual telling them it's okay to just file for bankruptcy and put this mess behind them. The bottom line is, there is nothing wrong with filing for bankruptcy as long as the person is doing it honestly. Over the years, there have been some unscrupulous folks that use filing bankruptcy as a way to wipe out their credit card debt and just do it all over again. This is just dishonest and stealing from the creditors. These are the people that give the process a bad name. Although, these people exist they are not the norm but more the exception to the rule.
In the real world, the last thing a good hard working honest American wants is to end up in a bankruptcy filing. For most people they wait too late to file and end up losing a lot of their property that would be normally protected by bankruptcy exemption laws. They believe they are doing the right thing and keeping hope alive by continuing to pay minimum payments even if they're unemployed. Some go as far as borrowing from their 401(k) or IRA. This is totally unnecessary and puts the individual's future in a precarious situation. The fresh start that filing bankruptcy promises is compromised, because the individual doesn't have much left over to start over. That's why filing for bankruptcy should be considered seriously when things start getting tough. In today's economy, one can't count on a good paying job coming around quickly. People need to read the writings on the wall and protect their family's assets legally. Deep down people go when they need to talk to a bankruptcy attorney, they just need to act on it.
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