Fear of Bankruptcy - Westgate Law

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Fear of Bankruptcy

Are you too scared or ashamed to file for bankruptcy? It’s a common problem and it can lead potential filers into even greater financial trouble before they finally have no choice, but to opt for the obvious solution. Stop fearing that bankruptcy may eventually be unavoidable and consider if bankruptcy might actually be your best option right now. Putting it off until the very last possible moment doesn’t necessarily do you any good. Don’t put your financial health on the line by refusing to consider filing because you fear the process or the after effects.

Individuals feeling overwhelmed and unhappy with their choice or who are, pointlessly, going to spend the next several date nights placing blame and pointing fingers should stop considering their decision to file as a personal failure. Individuals and families who filed for bankruptcy in the last several years often admit to feelings of guilt, sadness, anger and even shame. This range of emotions is both natural and unnatural simultaneously.

No one will attempt to blind you to the reality of bankruptcy. It’s not fun or enjoyable; if it was we’d have a major problem on our hands. In fact, we might already have a major problem considering recent statistics on bankruptcy in California:

There were 10,579 bankruptcy filings in 2007.

This number increased to 19,145 in 2008.

Since 2008, bankruptcy filings in California have continued to rise. Some may use these statistics to bemoan the current economic state. Others would point out that the housing bubble did a lot of damage to California residents. For today’s discussion, we’ll use the numbers to calm your fears of bankruptcy.

You aren’t the first person in the state to file for bankruptcy. You’re not the first person in town to file for bankruptcy. In fact, odds are, you probably aren’t the first person on your street to file for bankruptcy. Stop fearing the unknown and consider the fact that bankruptcy hardly qualifies as an unknown. It’s too common for that.

Get in touch with a bankruptcy professional at Westgate Law today to discuss your options and weight the pros and cons of filing.

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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