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Let go of the stigma associated with bankruptcy

On Behalf of | Jul 10, 2020 | Bankruptcy

If you are one of the many Georgia residents who are struggling financially, your search for debt relief options has probably returned numerous possibilities, some of which may prove helpful and some that may make your situation worse rather than better. Bankruptcy has crossed your mind, but due to the stigma associated with it, you’re afraid to pursue it. Feeling that way is normal; most people do. The thing is, no one should let a stigma stop them from doing what may be the best thing to do.

Stigma surrounding bankruptcy exists. It probably always will, but a lot of it is the result of how people feel about themselves for needing financial help. You are not a bad person because you’ve found yourself in a tough economic spot. Life happens, and sometimes, people need a little assistance to move forward.

The three stigmas associated with bankruptcy

There are three common stigmas associated with bankruptcy. They are:

  • Emotional
  • Social
  • Financial

Emotional stigma has to do with how you view yourself for needing to file for bankruptcy. Social stigma refers to how you think others see you because of it. You are not letting yourself down by exercising your constitutional right to pursue this type of debt relief. It exists for a reason. You are not letting your family or friends down by seeking economic assistance. This is about fixing your situation, not theirs.

Financial stigma has to do with how financial institutions may view you after bankruptcy. Yes, it sounds bad, but in all reality, it may serve as a good motivator. Yes, your credit score may take a hit. Yes, your ability to access credit may hurt for a little bit. All this will not last forever. Many people emerge from bankruptcy in good financial shape, and by continuing to make sound financial decisions, full credit recovery is possible in time.

Determining what is best for you

You are the only one who can decide which debt relief option is best for you. If it happens to be bankruptcy, so be it. If you are unsure, it is possible to seek guidance on the matter and, if deemed the appropriate course of action, seek further assistance with starting and working through the bankruptcy process. The sooner you start, the sooner you can put your financial problems behind you.