Are You Concerned About Bankruptcy Stigma?

 Posted on April 11, 2023 in Bankruptcy

In 2008, the housing market cratered, the banking system was teetering on the verge of collapse, and the economy slowed to a crawl. As a result, millions of Americans lost their jobs and many lost their homes. There was much discussion of why Wall Street was receiving bailouts when Main Street was struggling to keep going, day after day.

This consequential period in American history served as a wake-up call for many who had long-held negative views about the bankruptcy process. After watching massive corporations receive assistance from the government in order to remain afloat while hard-working friends, family, and neighbors were forced from their homes and struggled to buy groceries, a perceptible shift in public attitudes concerning the personal bankruptcy process occurred. What had long been viewed as an abdication of responsibility was now largely perceived as a lifeline for those who had - by and large – suffered hardship through no fault of their own.

Processing the Emotional Toll of Struggling Financially

If you are struggling with the idea of filing for bankruptcy, it is important to honor the fact that your feelings are neither “right” nor “wrong.” You feel the way you feel due to a lifetime of learning about others’ attitudes concerning money and cultivating your own along the way.

It is also important to keep in mind that you cannot control how the attitudes of others have evolved and that – by and large – the stigma surrounding bankruptcy has all but disappeared in most social circles and communities. Between the Great Recession and the Covid-19 pandemic, individuals who still do not understand that sometimes financially-responsible and hard-working people fall on difficult times due to circumstances beyond their control are few and far between, nowadays.

With that said, if you come from a family, a community, or a background that simply does not support the idea of filing for bankruptcy, it is important to critically examine whether you are willing to forgo the benefits that this process will provide for you and your family due to the viewpoints of others. Unless you are filing for bankruptcy because you were a truly reckless spender of property that you do not need, chances are that filing for bankruptcy during a time of genuine need aligns with your own values. All anyone can do is their best in the circumstances that they face.

Connect with a San Antonio Bankruptcy Lawyer for Client-Focused Guidance Today

Sometimes, when the idea of the bankruptcy process itself is overwhelming, it can help to sit down and speak with someone who works with bankruptcy filers every day. Our firm’s dedicated San Antonio, TX bankruptcy lawyer has extensive experience with bankruptcy cases, both straightforward and complex.

By scheduling a risk-free, confidential case evaluation at no cost with the talented and compassionate team at Law Offices of Chance M. McGhee, you can learn more about the firm’s approach to representation and how we have been able to assist people just like you in securing a stronger, brighter, and far less stressful future. Call our team at 210-342-3400. We look forward to hearing your story and assisting you with finding solutions for your situation.

Source:

https://www.afcpe.org/news-and-publications/the-standard/2015-3/dirty-little-secret-the-stigma-of-bankruptcy/