When Bankruptcy Comes Knocking: Fear Not


In the recent years many Americans have been faced with bankruptcy filing as their only way out of unmanageable debt. It's no surprise that the number of folks filing bankruptcy continues to stay above the 1 million mark. Our country is buried under a mountain of debt and it makes sense for the citizens to follow suit. Prior to the financial collapse of 2007 most Americans never foresaw the economy that was to follow. All the way through the 2000s just about everyone was living high on the hog and if we're honest with ourselves, living beyond our means. At some point in time there just isn't enough money coming in to make ends meet and the inevitable bankruptcy comes knocking on the door. Most people answer this door being crippled with fear and not knowing what to do. One thing everyone needs to remember is, it's not the end of the world and just like Jesus said, fear not.

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When it comes to filing bankruptcy, many people going through the process have a multitude of fears, fears of being a failure, fears of their friends and family finding out, and the worst of all, fear of losing everything and having to start over. While none of these fears are guaranteed, I think the fear of the unknown is what makes it so crippling. This makes for a good reason to hire a bankruptcy attorney to help with the filing. A bankruptcy attorney and their staff have been through many bankruptcy filings and can reassure their client of how the process will go and what the outcome will be. For many, this alone will give them enough reassurance to plow forward filing for bankruptcy and starting over.

The Bible speaks strongly about how we should not have fear. The Bible talks about how individuals should have faith and not worry about what is to come. When it really comes down to it, faith and fear are at opposite ends of the spectrum. If so is easier said than done but it makes complete sense. The good news is, the Bible also has nothing bad to say about bankruptcy. It speaks strongly about an individual paying their debts, but also speaks of forgiveness of debts by creditors. It all comes down to the situation.

Once a person gets over the fear of filing for bankruptcy, they will see the new beginning their life will have. After the bankruptcy discharge an individual can be virtually debt-free and on the road to financial recovery. In today's economy people should not fear losing any property because the bankruptcy trustee always weighs out the net proceeds of taking nonexempt property after taking into consideration the cost to collect it and liquidate it. Nowadays, used goods don't bring a premium. The bottom line is, fear is in everyone's head and every individual will deal with it differently. Overall, when it comes to filing bankruptcy there is really nothing to fear.


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