You don't have to be ashamed of filing Chapter 7 bankruptcy

What is holding you back from filing a Chapter 7 bankruptcy? If you are like most United States consumers who struggle with debt, it's one of three reasons (or a combination of all).

The hit to your credit

This one is quite common. Debtors worry about the solid ding a bankruptcy filing will do to their credit rating.

But let's be brutally honest here. How good can your credit be if you are even contemplating filing for bankruptcy? If you're juggling bills and missed payments, that's already reflected in your credit score — but you have no debt relief to show for it. If you are going to face a lowered credit score anyway (and you will), you might as well wipe the slate clean and start fresh.

What will "they" think of me?

This is another big obstacle to filing for Chapter 7. Regardless of whom "they" represents to different individuals — parents, siblings, coworkers, neighbors — the idea that others will learn of your financial struggles keeps consumers tied to debt mountains much longer than necessary.

The bottom line here is that you must do what is best for you and your family. Don't worry about what others think or say about your decisions. You are an adult and the best suited to take charge of your situation.

Is it wrong to walk away from my debts?

If you were able to pay your creditors, you would, wouldn't you? You didn't take out that mortgage or run up those debts to intentionally default or fail to pay them off, right? Sometimes, life happens. When it happens to you, you have an obligation to protect your family and yourself from dire circumstances and negative outcomes.

If you are weighing your options about a bankruptcy filing, get legal advice from an Arizona attorney who practices consumer bankruptcy law. Make the best decision based on your individual circumstances and emerge wiser and on firmer financial footing.

Source: getoutofdebt.org, "Chapter 7 Bankruptcy – What is the Truth?," Steve Rhode, accessed June 16, 2017

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  • MCBA | Maricopa County Bar Association
  • State Bar of Arizona
  • ABA | American bar Association | Defending Liberty Pursuing Justice
  • Oregon State bar
  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
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