How To Deal With the Shame of Filing for Bankruptcy

Deciding to file for bankruptcy carries a plethora of worries. Some people worry about losing their homes or not being able to build up their credit fast enough. Others feel a tremendous embarrassment or guilt as if filing for bankruptcy will make them a lesser person. If you are considering bankruptcy Hackettstown NJ, know that feeling shame is normal. It’s part of the grieving process. However, there are a few reasons why you can cast aside that shame as you work toward wiping your credit slate clean.

 

It’s More Normal Than You Think

In 2018, over 755,000 people filed for bankruptcy. You’re not the only person to go through this, and you certainly won’t be the last. If the stress of filing is more than you think you can handle, consider seeking a bankruptcy support group for assistance. Talking to others who are going through the same trials as you can help you find relief during this difficult time.

 

No One Needs To Know

Your business is, well, your business. You’re not obligated to tell your employer or neighbors that you filed for bankruptcy. You don’t even have to tell your closest friends if you don’t feel comfortable doing so. Share this news with others on your own time.

However, if you owe your relatives money, you will need to disclose those debts in your bankruptcy filing. Whether you actually pay those family members back after the bankruptcy is discharged is up to you.

 

It’s Out of Your Control

In a perfect world, you’d pay back debts. But the world is complex, and things don’t always go as intended. You may have lost your job or gotten sick, leading to excessive medical expenses that you can’t pay. There are many reasons why people go bankrupt, and most of them are out of the debtor’s control.

Filing for bankruptcy can be overwhelming, but it can end up being a huge benefit in your life, relieving you of years of stress and worry. Embrace this opportunity to start fresh.