The Stigma of Bankruptcy

Thu, Jul 23, 2015


8224523321_60ef990a54_bBankruptcy can have a similar stigma as illness, death, various immoralities, and many vices. Some view it as the utmost failure and an embarrassing event. This may be due to upbringing, religion, personal belief, societal pressure, or lack of education on the matter. Education on the subject often decreases or removes the stigma associated with bankruptcy.

This bankruptcy education is needed for those going through the bankruptcy, and society as a whole. Of course, some will never be convinced of the legal and societal need for bankruptcy. But many people can be shown that bankruptcy is sometimes the only option available for those needing financial relief. Bankruptcy can be a true salvation for those who face no other option. It need not be the worst outcome you face, as long as you respect the process and learn from it.

Education can help remedy the opinion of those who believe that bankruptcy is an easy out or that all of those facing it got there through blatantly irresponsible spending. Because that is simply not the case. Of course, many people do abuse the bankruptcy option. But the abuse is not always related to the institution of bankruptcy. Basically, those abusing the system would abuse many types of systems; it’s not that the institution of bankruptcy is at fault. Bankruptcy exists for many good reasons.

It is important to keep in mind that bankruptcy happens to all kinds of people, not just those who have disregarded all caution with money. An open mind goes a long way in understanding bankruptcy and helping those going through it. It is important to treat the bankruptcy process as an important learning experience and a saving grace for those who really need it.

Attorney Christopher D. Smith, Sr. is designated a Board Certified Consumer Bankruptcy Lawyer by the American Board of Certification.  SmithLaw is located in Lakewood Ranch, Florida.  Attorney Smith concentrates on bankruptcy, civil litigation, probate, estate planning, and elder exploitation cases in the Sarasota and Bradenton area.  Call 941-202-2222 to learn more.  SmithLaw offers free consultations in certain areas, including consumer bankruptcy, probate, and personal injury matters.

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