Stigma and Accountability in Bankruptcy
While some people mistakenly believe that bankruptcy represents a fairly easy way to retire a burdensome debt, many other people feel ashamed by filing a petition and may delay the process to the detriment of their financial situation. For those who are considering bankruptcy, know that it's often the result of unforeseen or similarly trying circumstances. Half have experienced a serious health problem and two out of three have lost a job, according to The Fragile Middle Class: Americans in Debt and reported by Bankruptcy Action. Moreover, it can happen to almost anybody. The same source claims that fewer than nine percent have not suffered some type of job loss, medical event, or divorce.