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Combating the Unfair Stigma of Bankruptcy

Combating the Unfair Stigma of Bankruptcy

Financial difficulties can befall anyone, even people who have always been responsible with their money and pay their bills on time. Life is unpredictable and no one can foresee medical problems arising, losing a job or an economic downturn. During these times of adversity, bills can pile up and people can begin to feel like they’ll never be able to dig themselves out of debt.

If this has happened to you or your family, it might not be clear how to handle these sudden changes, but it’s important to realize that you have options. Although you may have never considered filing for bankruptcy, for many people it is the best way to deal with major financial challenges.

Unfortunately, bankruptcy can be associated with an unfair, negative stigma in our society, which may represent one of the biggest challenges people face when seeking bankruptcy protection. However, those filing for bankruptcy are often harshest on themselves, as they believe that if they had just made better decisions, they wouldn’t be in their current situation.

It’s important to consider the following:

  • Filing bankruptcy is quite common and is usually not the result of reckless spending or wildly irresponsible decisions.
  • According to statistics, one in 55 households filed for bankruptcy protection in 2005 alone.
  • The most common reason for these filings related to outstanding medical costs, particularly those brought on by unexpected illness or injury.
  • In the past eight years, the top reasons cited for filing bankruptcy varied considerably, including reduced income, job loss, unexpected expense, and divorce.

If you are struggling with significant debt or other financial issues in Dayton or elsewhere in Ohio, filing bankruptcy could be a legitimate option that provides real relief. Many people take this step only after years of struggling with debt and the stress and anxiety that often accompany financial hardship. By working with a skilled bankruptcy attorney, however, you can overcome your challenges and work your way toward a brighter future.

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