Is Chapter 7 Bankruptcy Losing Its Stigma In Tough Economic Times?
I think people and businesses are recognizing that so many around the country are struggling. Still, filing for bankruptcy is usually not a topic people are excited to talk about. Whether it was a potentially avoidable financial mistake or an unavoidable financial disaster, the circumstances under which most people file bankruptcy are not generally uplifting.
What is known for those that are considering filing for bankruptcy is that they are not alone. Also, bankruptcy, for many, can raise an individual out of a place of dispair. It can bring calm to know that the person will not receive any more creditor calls or notices of repossession or foreclosure. To think that you a person can go from tens or hundreds of thousands of dollars in debt to potentialy no doubt tends to provide for more calm, sleep, and sanity.
At the end of the day, it can be embarassing to tell someone that you made a mistake and you had to sell your house or car and file for bankruptcy. But nobody needs to know. While the records are public, aside from lenders, the overwhelming majority of people will never know about an individual’s bankruptcy case.
If you have any further questions on what bankruptcy can and can’t do, contact the Henshaw Law Office today.
