Society has placed so much emphasis on being responsible and paying your bills that people are actually committing suicide as a way of not to dealing with financial stress and the shame of admitting they need to file bankruptcy. The financial sector has also helped people into feeling this way by making bankruptcy more difficult with new process and procedures they have set in place. It to t the point of making people feel they have no way out but to comit suicide. Although this is about filing chapter 7 it also about dignity and looking at your financial failure as an experience and not an ultimate representaiion of who you are as a person.

Financial Failure and Bankruptcy

I really think we need to look at this failure from a different point of view. If you watch people, sports, soldiers, boxers or a movie that involves set backs,loss, death, fear, frustration and then eventially a triumph it is sometimes reffered to as a feel good movie. Why do people like those movies? The reason why people like these types of movies is because we really want people to succeed. Yes, some people that succeed are jerks but, if they have struggled they are often humble. My thought is this, if a Donald Trump can file a bankruptcy and come back bigger and stronger so can anyone filiing for bankrtuptcy. The point is learning from your failure. You can look at the person that has failed their law exam several times and then ultimately passes their bar exam. Should they have been ashamed? I don't think so. Guess who I would want giving me advice on how to take the bar exam.. You guessed it, the girl/guy that has taken it several times and ultimately passed it.

If you fear bankrutpcy you have:

1) Either not admitted to yourself your in trouble

2) Done enough research to overcome your fear

3) You are still convinced filing for bankrutcy is more than a financial business decision.

4) You feel your failure is permant.

One last thought, would you want to file bankruptcy right now when the markets are crashing and everyone is losing their jobs & homes? Right now if you filed for bankruptcy you are just another statistic that market affected. In addition, if you file bankruptcy chances are no one will know you filed unless you tell people. Filing bankruptcy right now gets you started on the road to recovery and in a better position when the market rebounds. You also have the ability to remove your debt which allows you to place more money into your retirment.

Still not convinced that bankruptcy is not a viable solution you should consider. Write down on a peice of paper the pros and cons of filing for bankruptcy right now. Do it before you research bankruptcy and do it again after your research bankruptcy.

Lastly, don't let people define you. Define yourself, learn from your mistakes and move on.