When you talk to people who could certainly benefit from filing for bankruptcy but are still hesitant to take that step, the reason for their hesitation is often that they think the whole situation is their own fault. They feel that they brought it upon themselves and that they are morally obligated to make it right. They don’t want to file bankruptcy as a result.
Most of the time, however, this is very far off of the mark. It’s important to counter this stigma and this perception of bankruptcy. It is generally not your fault, and there is nothing wrong with using the bankruptcy process to eliminate your debt. This is true no matter how you got that debt.
Part of the problem here may be the perception that spending leads to bankruptcy. People assume that they should have just spent less on things that they needed or taken out fewer lines of credit. But is this actually what causes bankruptcy most of the time?
As you’ve probably guessed, it’s not. The truth is that medical expenses usually cause bankruptcy in the United States. Many people wind up in the hospital and owe far more than they can ever hope to pay after just a day or two. At the same time, they have very little choice in whether or not they get the medical care. If you have a stroke and get transported to the hospital, you may have little say in what happens, but you’re still responsible for an astronomical amount of debt.
No matter why you’re facing bankruptcy, just take the time to consider all of your realistic options. There are many tools that you can use to overcome this situation.