Bankruptcy’s Mythical Status: Bankruptcy Process is Not a Magic Financial Fix - Westgate Law

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Bankruptcy’s Mythical Status: Bankruptcy Process is Not a Magic Financial Fix

Bankruptcy no longer carried a horrible social stigma as it did 20 years ago. It’s no longer reserved strictly for the use of corporations or businesses as it was historically. It’s also no longer a solution reserved for the “upper class” due to lack of information or astronomical costs associated with the process. But that doesn’t mean that all the information the general public hears about bankruptcy is true. There are still a few bankruptcy myths out there mucking up the otherwise clear and concise information regarding the legal process known as bankruptcy.

One “fiction” that is often associated with the bankruptcy process is that anyone who files is financially irresponsible. It’s simply not true. Some individuals who file may have difficulties being financially responsible, but most people who file do so for a myriad of other reasons. Experts in bankruptcy agree that most people who turn to bankruptcy as a solution for impossible financial situations do so in response to one of three serious personal problems: losing a job, getting divorced, or enduring a serious illness.

There are financial ramifications associated with all of the above. Since none of us plan on these types of personal problems, it is rare for the average individual to be financially prepared to make it through them unscathed. The loss of a job can very easily turn into long-term unemployment. Getting divorced comes with legal fees and the costs of running two households following the legal proceedings. And we all know how pricey the cost of medical care can be in today’s healthcare arena. As of April 2012, more than 5.2 million Americans had been out of work for 6 months or more (according to the Bureau of Labor Statistics). A 2011 survey by the CDC (Centers for Disease Control and Prevention) concluded that 20% of American families were struggling to pay medical bills.

If you find yourself in an impossible financial situation and considering bankruptcy, remember that you aren’t alone. Millions file for bankruptcy every year. While it’s not a magical “fix all” it is a legal solution for specific financial situations. Contact the bankruptcy experts at Westgate Law today to determine how bankruptcy law could help you obtain a fresh financial start today.

About the Author

Justin Harelik

Justin has a singular goal: to get people out of financial distress and move them to financial stability and prosperity. He does this by combining 15 years of in-depth experience in bankruptcy, credit management, debt negotiation and student loan modifications, and he does it with both English and Spanish-speaking clients.

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