After months of dealing with financial difficulties and overwhelming debt, you are seriously considering filing for bankruptcy. However, there is one thing holding you back – you are worried about the stigma and embarrassment associated with having a personal bankruptcy on your record. These are not uncommon fears for residents of Illinois, as well as across the country. Despite bankruptcy being more common and accepted these days, many people still attach negative emotions to it.
According to the Balance, about one out of every 10 people in the U.S. will file for bankruptcy at some point, making you far from alone in your challenges. Even so, you are also not alone if you have any of the common feelings that might make you hesitate to seek debt relief. For example, the thought of your family, friends or employer finding out you are going through a bankruptcy can be humiliating. You might feel ashamed and helpless, as well as guilty for seeking a debt discharge. You might feel as if you should take responsibility for your debts instead. You could also worry that you will not be able to get a home or auto loan after a bankruptcy.
Fortunately, these fears are largely unfounded, as there are numerous ways to repair your credit and recover from a bankruptcy. You may also be surprised to learn that many of your associates have taken this option as well. There are also reputable lenders that focus on assisting people who are getting back on their feet after a bankruptcy. While this information is meant to educate you and put your mind at ease during a difficult time, it should not replace the advice of a lawyer.