I Feel Bad That I Am Not Paying My Debts and Filing Bankruptcy
By Bankruptcy Attorney on Apr 21, 2007 in Colorado
The reason many people feel bad is that they are breaking a promise to themselves.
Filing bankruptcy is very hard, because it forces you to renegotiate these promises that you made to yourself, which often creates intense feelings of guilt.
However, the bottom line is that Creditors entered into a financial transaction with you when they lent money. They are aware you may default and they know on average how many people default at any given time. This is the risk they take and they charge you an appropriate interest rate based on this risk. It is a business decision not an emotional decision for the Creditors.
Most people filing bankruptcy are not thinking in business terms, but are thinking in more emotional terms, such as guilt and broken promises.
Do you think the CEO of a major credit card company thinks twice about you as a person in his or her everyday life? No, most likely, not even once. It is a business transaction. He is thinking about the risk of doing business with you and charging accordingly.
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