31 Mar Is Filing Bankruptcy Embarrassing?
Do not feel embarrassed for filing bankruptcy. Illinois Bankruptcy Attorney Andy Miofsky says, “Bad things can happen to good people.” When you suffer financial misfortune, bankruptcy offers a solution.
First off, few will learn of the bankruptcy. While the filing may be reported in certain law-related publications, most major newspapers and local newspapers do not have the space to report bankruptcy filings. Chances are your neighbors and relatives will never know you filed.
Second, millions of people file bankruptcy each year. You probably work with or are related to people who have filed in the past. Bankruptcy is ubiquitous and has become an accepted financial planning tool for solving financial problems.
Third, you will be in great company. Corporations file bankruptcy without hesitation, often in pre-packaged deals, to eliminate unmanageable debt and to improve the balance sheet. Major airlines have filed. Major big box retailers have filed. Major Wall Street financial houses have filed. Some of you are reading this blog over internet service provided by Charter Communication, or another Paul Allen internet company. Charter filed Chapter 11 in March 2009. That kinda puts you right up there with the big boys. General Motors, Blockbuster Video, K-Mart, National Steel.
Bankruptcy stops debt collection and can lead to a discharge of certain unmanageable debt. You should not feel bad doing something good to solve a bad problem.
Andy Miofsky, Esq.
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