Removing The Stigma Of Bankruptcy

Is Shame Or Pride Preventing You From Considering Bankruptcy?

At Simon Fitzgerald LLC, we have been guiding clients through bankruptcy for more than 50 years. We have heard the worries of countless clients and experienced their relief when those fears didn’t come true.

If you are avoiding pursuing bankruptcy solely out of pride or shame, you may be robbing yourself of an opportunity to turn your financial life around. Hopefully, the truths we share on this page will help you feel comfortable enough to at least discuss your debt relief options with us.

Truth No. 1: Bankruptcy Is Not Failure – It’s Corrective Action

Many people mistakenly think that filing for bankruptcy is admitting failure and defeat. The truth is that bankruptcy is a legitimate legal tool to help people who cannot recover from debt on their own. By filing for bankruptcy, you are not giving up. Instead, you’re taking a big step to address your debt and get your financial life back on track.

Truth No. 2: Debt Problems May Not Be Your Fault

It’s easy to assume that someone is in deep debt because they spent recklessly or never learned how to budget. But Americans who file bankruptcy often got into debt for reasons beyond their control. Medical bills are one of the leading causes of bankruptcy. Other common reasons include debt related to divorce, sudden job loss or an unexpected emergency.

Even if you believe that your debt problems are at least partially your fault, refer back to truth No. 1 above. Sitting in debt is giving up. Filing for bankruptcy is a positive step toward a healthier financial future.

Truth No. 3: Your Credit Score Can And Will Recover

Yes, it’s true that bankruptcy stays on your credit report for 7-10 years, and it will initially lower your score significantly. But if you’re in serious debt, chances are that your score is already pretty low. By discharging those debts or by restructuring and repaying them, your credit score will start to improve almost immediately. Rebuilding a good score may take less time than you’d expect.

Truth No. 4: The Scariest Part Is Getting Started

You haven’t yet filed for bankruptcy, and you are scared about diving into the process. The good news is that right now is as scary as it gets. As soon as you start talking to an attorney and learning about your options, you’ll likely feel a sense of relief and hope rather than fear and worry.

Talk To An Attorney About Your Options For Free

Simon Fitzgerald LLC has four office locations throughout Louisiana, and we are able to serve clients nearly statewide. To take advantage of a free case evaluation with one of our experienced bankruptcy lawyers, call or fill out our email form to reach us digitally.