The first blog in a four part series about filing for a Chapter 7 or 13 bankruptcy.
By Sara E. Cook
Often when a large corporation files for bankruptcy, you will hear that it is the right business decision, it gives them a chance to right size, change direction, get rid of unprofitable businesses and on and on. There is no stigma, it is just another business decision, and often heralded as the right one. Individuals, however, often see an individual bankruptcy as a sign of their failure or inadequacy. They avoid even entertaining the idea for fear of the stigma, the perceived shame and guilt for not paying bills. But the very same conditions that afflict large corporations, afflict individuals and families trying to survive in a world of low pay, pandemic, high child care costs, medical bills, furloughs and on and on. For all the same reasons bankruptcy makes sense for a big business, it may make sense for an individual or family and it should not be a shameful or guilt filled decision.
[Read more…] about COVID-19, Job Loss, Too Many Bills: Is Bankruptcy The Solution For You?