There is no reason to feel shame about seeking financial relief through bankruptcy. You might feel guilty about the financial position you have gotten into. While there are always good lessons to learn about finances and debt, you should not feel bad about exercising your right to get relief.
You should actually feel liberated about filing for bankruptcy. Here are five reasons you should feel guilt-free about pursuing relief from your debts.
1. Loss of income
Sometimes a job loss is the first event that hurls you into financial instability. If you lose your job and struggle to find work, you should not blame yourself. Losing your income is often out of your control.
Oftentimes, divorce causes you to drown in debt. Divorce can be the cause of foreclosure and credit card problems. The end of your marriage and the financial consequences associated with it are often unavoidable.
3. Injury or illness
If you became injured or ill, you might have lost time from work or built up a lot of medical bills. When these expenses are not reimbursed by your insurance or government programs, you might have no choice but to file for bankruptcy.
4. Business failure
Sometimes your small business you launched fails for a variety of reasons. While a failing business can be disheartening, do not put it all on your shoulders. Bankruptcy might be the only answer to get back on your feet.
5. Learning your lesson from irresponsibility
Even if your own overspending is the cause of your financial struggles, you can always learn from your mistakes. According to AOL Finance, you should not feel guilty about bankruptcy because you learn to not repeat your mistakes. Consumerism is encouraged, and it is easy to give into pressure. Do not beat yourself up over it. Bankruptcy is your chance to start fresh and move on from any mistakes you made.