17 Jan Top Ten Countdown Bankruptcy Myths: #9: Bankruptcy Makes You A Failure
Approximately 10-20 folks each week come to my office to talk with me regarding bankruptcy and nearly all of those folks in my office believe that they have failed. That their lives will be ruined because the neighbors will know, the boss will know, the pastor/rabbi will know, and worst of all, their “Mom” will find out that they have filed for bankruptcy and now…they will be thought of as a loser, a deadbeat, a cheat, or a no-count bum. As my colleague, Brett Weiss says, “they believe they are a bad person for filing bankruptcy.” My response is to point to the very large statute of Mickey Mouse/Steamboat Willie in my hallway and ask whether they think Walt Disney was a “no-count bum”. I point to the print of Abraham Lincoln on my office wall and ask “was HE a deadbeat?” I ask if they remember Harry Truman….”was he a cheat?” I point to the Ford driven by one of my staffers and ask “Was Henry Ford a loser?”
Each of those well known people filed for bankruptcy protection and received a fresh start which allowed them to move forward with their lives and make a difference in the world as we know it today. I tell those consulting folks that while bankruptcy is a public record, unless someone goes purposefully looking for the bankruptcy filing, generally the “public” isn’t interested.
Bankruptcy has long roots in the world’s history, going back to Bible times as explained by my colleague, Rachel Foley, who writes about Isaiah 61:3 in another article on this site; even the Romans had a form of bankruptcy law. As Russell Demott states in his article: If God can forgive folks their debts, why is it that folks think that their pastor or “Mom” won’t?
Folks wait too long to seek help. Please do not wait until life seems hopeless before getting good quality legal advice that may solve your financial stress.
image credit: Claudiu Iacobut/Dreamstime under Creative Commons license
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