Bankruptcy, foreclosure and suicide

by Eugene Melchionne, Esq.

October 27, 2008

Last week, a young father of two and a political candidate for office in Bristol, Connecticut committed suicide. He left behind a note which showed that he was concerned about his finances and wanted to avoid bankruptcy. The 38 year old had just started a new business and was facing difficulties in the current economy. In Berkeley, California, a 51 year old man killed his family and then himself in a murder-suicide. His note also indicated financial problems. The issue of financial problems leading to suicide range from college students buried in credit card debt and student loans to the elderly saddled with medical bills and decreased insurance coverage.

The relationship between finances and suicide is clear. In this day of international economic crisis, it is no small wonder than the incidence of suicide is increasing. In a macabre way, you could call it the ultimate trickle down effect.

Just as the medical causes of depression and anxiety can be treated, financial issues are far from hopeless. While it is of small comfort, you are not alone – over 4 million homeowners in the United States are estimated to be at least one month behind in their mortgage payments. Several hundred thousand people have lost their jobs since the beginning of the year. No insult, but you are not unique and there is no need for secrecy.

There are professionals available who are trained to help. Foreclosures can be defended successfully. Believe it or not, the banks do not want to own your home. Many, many programs exist to assist families in foreclosure. And while it may seem like an admission of failure, bankruptcy is actually a step to getting a fresh re-start to your financial life.

Don’t become a statistic, see a bankruptcy attorney today.

“ConnecticutGene Melchionne is a bankruptcy lawyer covering the entire State of Connecticut. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.

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Last modified: May 23, 2013