Are you considering bankruptcy but afraid of the stigma attached to it? Is this negative perception preventing you from taking advantage of its benefits? It can’t be denied that there is indeed a stigma attached to bankruptcy, although some may argue it has diminished throughout the 20th Century. However, it is certainly present after the enactment of BAPCPA in 2005, with one of its main purposes the intention to revive the stigmatic effect of bankruptcy, despite the clear fact that bankruptcy is authorized by the United States Constitution.
The stigma of bankruptcy relates to the idea that bankruptcy debtors are people who do not intend to repay their financial obligations, commit fraud, or choose to ignore their financial responsibility. However, most bankruptcy debtors are honest, hard-working Americans who have experienced financial misfortune. Thus, any stigma of filing bankruptcy filing should not affect anyone’s character for honesty or truthfulness. Nonetheless, the stigma may have this effect which only results in unduly prejudicing former bankruptcy debtors.
The stigma fails to appreciate the clear fact that while society expects its members to assume responsibility for their financial obligations and repay their debts, society also promotes (excessive) consumption and makes credit easily available for some consumers who may borrow beyond their ability to repay.
Sadly, the stigma of bankruptcy may be preventing you from utilizing the advantages of what may be your best alternative to address and solve financial problems. Whether from the negative opinion of family, friends, and a general notion of society’s perception, it maintains an air of pervasiveness that is more counterproductive than anything else.
To whatever extent this stigma may contain any truth or credibility, no American, especially no Utah resident, should dismiss bankruptcy as a legitimate, legal, option and solution to address any burdensome debt that creates serious issues and ensuing problems that are not just financial.
Whether you’ve considered or tried other solutions like a debt consolidation loan or debt management plan, it is important to make a true cost-benefit analysis of the benefits of filing a bankruptcy case, even if it may require extensive consideration. Any of the bankruptcy and debt solution attorneys at the Morrison Law Group is experienced in helping our Utah friends, family, and neighbors make this analysis so they may discover the truth and dispel the myths of bankruptcy.
You may discover what millions of Americans have discovered – that the positive aspects of filing bankruptcy clearly outweigh the negative. Unfortunately, as long as the stigma exists, debtors in unmanageable financial situations will avoid bankruptcy as a viable solution, despite it providing debtors with a “fresh start.”
Remember, while there is no constitutional right to file bankruptcy, the ability to file a bankruptcy case is a legal and statutory right derived from the United States Constitution. As an American, you are authorized to legally and legitimately assert this right.
Individuals considering bankruptcy as a debt relief solution often assume that bankruptcy will not provide the necessary help in a timely enough fashion to be truly effective and worthwhile. This couldn’t be farther from the truth and is a myth of bankruptcy. It is important to consult with an experienced Utah bankruptcy attorney, such as one of the many qualified attorneys at the Morrison Law Group who can explain the process and timeline of both Chapter 7 and Chapter 13 bankruptcy cases. Call 801.456.9933 today to schedule a FREE consultation. We have locations in Ogden, Logan, Sandy, and St. George to serve the residents of the counties of Weber, Cache, Salt Lake, Utah, Morgan, Davis, Washington, and surrounding areas.