Whay bankruptcy is not always a bad thing

Why bankruptcy is not always a bad thing

Filing for bankruptcy has always had a bad reputation, in the minds of some people it seems to indicate that the person has self inflicted financial troubles or even worse is attempting to take advantage of the people they owe money too. That isn’t always the case, in fact in my experience this is hardly ever the case. There are no two bankruptcy cases that are the same and many times consumers are forced into bankruptcy because of reasons beyond their control.  It is not always bad because unforeseen and dramatic life events can happen that wipe you and your family out financially (medical bills, lawsuits, unemployment, etc.) and there needs to be a way to help people get out of those situations. If you stop and think about it what would be the other option in these types of cases?

Most of the time I hear that bankruptcy has a bad reputation because of the damage it does to your credit report. Whether or not your bankruptcy is determined good or bad depends on your intentions and reasoning for filing. There are people who try and cheat the system who simply don’t want to pay back their debts – these folks are the exception not the rule.  The vast majority of the people we help every day are  honest and hardworking people who are faced with this tough choice and would pay their debts back if they could. Bankruptcy helps thousands of people each day get out of the troubled cycle of debt and allows them to begin to lead productive financial live once again- in fact I see that it actually restores hope in most folks that go through the process.

Whether or not bankruptcy is a good idea or not entirely depends on your personal situation. If you find yourself in a situation where you are considering bankruptcy and you live in Utah, make an appointment for a free consultation at the Law Office of Douglas Barrett located in Orem, Utah at 801-221-9911.  If you are in anther state find a reputable bankruptcy lawyer at www.nacba.org.

Leave a Comment