Is Filing for Bankruptcy 'Dishonest'?

Many people often feel it is somehow ‘dishonest’ or ‘immoral’ to wipe away debts they would otherwise owe. There are three things to bear in mind:

First, and most fundamentally, as a United States Citizen, our Constitution entitles you to the protection of the laws of our country. The bankruptcy laws are enshrined in our legal system. As a U.S. Citizen there is no need to feel ‘bad’ or ‘immoral’’ about availing yourself of the protections of our country’s legal system.

Second, many businesses, credit card companies in particular, are well aware of these laws as well. They lend money and extend consumers a line of credit with full knowledge of the risk that consumers may file for bankruptcy and have these debts extinguished. For them this is simply the cost of doing business.

Finally, many, if not most, creditors, have likely filed for bankruptcy themselves at one point in time. Bankruptcy is simply a normal part of today’s business world. Life frequently presents many previously unforeseen challenges. When individuals and business alike encounter these challenges the bankruptcy process provides a mechanism of relief to enable you to get back on your feet. There is nothing ‘dishonest’ about this.

 At Anderson Shen we can help you determine whether bankruptcy is a viable option for you. To schedule a free consultation call 718-521-6041.