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Bankruptcy Filing: Let Go Of These Negative Thoughts

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Unfortunately, many people struggling with overwhelming debt do not realize that there are options that can allow them to get rid of debt or restructure it. If you are struggling with overwhelming debt and feel like there is nothing you can do to change your situation, you should know that you have options. Chapter 7 bankruptcy can allow you to get rid of debt, whereas Chapter 13 bankruptcy can help you to restructure it.

Once you begin thinking about filing for bankruptcy or once you start the bankruptcy filing process, it is only natural that you will want to seek the opinion of other people. Sometimes, even without seeking people’s opinions, many will just come your way. Before you make decisions based on another person’s opinion, you need to think carefully about whether the opinion is a fact or a myth. Often, people make the wrong decision based on people’s uninformed views. Be careful not to be among the people who do so. Apart from dealing with people’s opinions, debtors considering bankruptcy filing or going through the bankruptcy process sometimes also have to battle their thoughts. As bankruptcy attorneys, we have heard many self-criticisms and fears from clients and potential clients. Two of the most common negative thoughts are discussed in the following sections.

Negative Thought #1: I Have Failed

“I have failed,” is one of the most common negative thoughts that debtors have to battle when bankruptcy turns out to be their best option or one of their best options. However, despite what you may think, the truth is that filing for bankruptcy does not make you a failure. If you could pay off your creditors, you probably would. You need to understand that debts don’t equate to failure. The chances are that if you are considering bankruptcy, it is because of other situations like job loss, divorce/separation, unexpected expenses, or medical bills. According to a 2019 CNBC article, most Americans file for bankruptcy because of medical issues.

Negative Thought #2: I Am the Only One in This Situation

When dealing with overwhelming debt, you may feel like you are the only person in such a situation. This is true for individuals that do not know anyone else in their families or any friend who has ever filed for bankruptcy. With over 540,000 bankruptcy filings in 2020 alone, you probably would be surprised to learn that someone from your circle of friends or family has gone through the bankruptcy filing process. All in all, you should know that you are not the only person who has ever found themselves struggling financially because of overwhelming debt. The good news is that you are willing to improve your current financial situation.

Contact a Southeast Iowa Bankruptcy Attorney Today

Are you in Iowa and struggling with overwhelming debt? Do you need help deciding whether filing for bankruptcy is the right solution for your financial problems or with the bankruptcy process? Reach out to a qualified Iowa bankruptcy attorney immediately. A skilled bankruptcy attorney can offer you the legal advice or help you need. For professional legal advice or help, contact an experienced and dedicated Southeast Iowa bankruptcy attorney at the Noyes Law Office today.

Source:

uscourts.gov/news/2021/01/28/annual-bankruptcy-filings-fall-297-percent#:~:text=Annual%20bankruptcy%20filings%20in%20calendar,a%20decrease%20of%2029.7%20percent.&text=The%20number%20of%20total%20filings,when%20530%2C438%20bankruptcies%20were%20filed.

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