The issue of who bankruptcy does and does not benefit has come to the forefront in the past few weeks. With the numbers of debtors filing bankruptcy on the increase, the opponents of bankruptcy have resorted to splitting hairs in their efforts to discourage average debtors from taking advantage of the benefits that bankruptcy can offer. Before, opponents tried to guilt trip debtors into avoiding bankruptcy by saying that they were being irresponsible; but now they have given up on that method and instead are saying that bankruptcy really doesn’t benefit debtors that much.
Some bankruptcy opponents are even going as far as claiming that bankruptcy will do more harm than any good; which of course is simply ridiculous. While there are the rare exceptions where a debtor’s situation does not lend itself to a bankruptcy filing, it really is a rare event. But even before a debtor can make that determination, they need to have a bankruptcy attorney analyze their financial situation to see if filing bankruptcy will benefit them. Dismissing bankruptcy and saying “it’s not for me” without looking at it fully and honestly would be a foolish decision.
Dismissing bankruptcy without a proper look is just like filing bankruptcy without making sure that it fits your situation. There is no difference between the two impulsive actions. If you’re an average debtor who works a regular job or is unemployed and has mostly unsecured debts such as credit card bills that you simply can’t afford, then it is likely that bankruptcy will benefit you. Unless all of your debt is comprised of nondischargeable debts such as student loans , taxes and child support, bankruptcy may offer the type of benefits that will allow you to reduce or even totally eliminate your debts while giving you the chance to rebuild your credit history and finances in just a few short years. Allowing others to discourage you from at least looking into your bankruptcy options could result in cheating yourself out of the second financial chance you deserve.