Remorse for a Second Time Bankruptcy Filer

Although the stigma associated with filing bankruptcy is slowly waning, having remorse when you file for bankruptcy is common place, even for second time filers.

This personal bankruptcy story was posted on the internet in August of 2011:

“I went ahead and bit the bullet and got a [bankruptcy] lawyer…I stopped paying my credit cards bills this month and I am about to stop paying for my car. Now I just feel so horrible and I keep going back and forth on this. I am filing bankruptcy on $37K worth of debt. $23K is a upside down car. I filed bankruptcy in 2001, but I was so young so I can’t remember the process. The bankruptcy is due to fall off my credit report in October. I am wondering if I should wait to file until it falls off or just go ahead and do it? My other problem is my car. I am so scared that if I file I won’t be able to get another car. I need a car to go back and forth to work, but I won’t have enough time to save for a beater. So now I just feel hopeless and scared. Is this a normal feeling? What should I do about my car?”

This debtor revealed that she lives in a state which allows garnishment of wages, and she also revealed she cannot afford to pay all of her bills, including a $600 per month payment on the car. She is scared and remorseful for considering filing bankruptcy a second time.

If you are considering filing bankruptcy, you may also have regrets and concerns. Regardless of what you may feel right now, there is life after bankruptcy. Doubts, fears, and remorse may linger a while, but eventually, you will get through the process. Over ten years later, the debtor in the illustration has forgotten the deep rooted emotions she must have felt as a young filer. This too, is not unusual.

Bankruptcy can happen to anyone, but bankruptcy is not a sign of weakness, laziness, immorality, or dishonesty. Bankruptcy can happen for a variety of reasons including: divorce, catastrophic events, foreclosure on personal or business property, failure to pay bills on time, loss of income, health problems, poor business decisions, bad timing, bad advice, or a poor economy.

Bankruptcy is a legal proceeding designed to protect both creditor and debtor and to allow the honest person or business to a start fresh. Bankruptcy is simply a tool used by our society to alleviate a bad financial situation between two parties.

If you live in a state where creditors can garner your wages there may be additional pressure to file bankruptcy. Regardless of your fears, eventually you will need to make the decision to move forward or seek another financial solution. If you are considering bankruptcy, contact a bankruptcy lawyer.

If you need relief from the stress of debt and you live in or around the metropolitan areas of Wilmington or Newark, Delaware and Maryland, contact us at . We will help you find a bankruptcy attorney in your area who will answer your bankruptcy questions.

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