Don’t buy Into Bankruptcy Stigmas | Richard Banks & Associates, P.C.

Richard Banks & Associates has been in the business long enough to know all of the negative connotations and stigmas associated with filing bankruptcy. We also know that all those stigmas are unwarranted and could be holding you back from making the decision necessary to take back control over your finances.

The good news: Bankruptcy does not have to be associated with all those preconceived notions and emotional, social and financial stigmas! Bankruptcy filings may be trending down lately, but there were still some 800,000 people filing in federal courts as of 2016.

Remember, outside opinions on bankruptcy from friends and family members do not matter—after all, it’s your financial situation, not theirs. All that should matter is that you are taking the steps necessary to get your finances back into shape. Plenty of famous figures have filed for bankruptcy and come out for the better, including Milton Hershey, Henry Ford and Walt Disney.

Financially speaking, filing for bankruptcy will have some short-term impacts that could affect you, like a drop in credit score or making it more difficult to obtain credit. It’s vital you keep in mind that these impacts are only temporary and can be cleared up relatively quickly. In fact, you can begin receiving credit card offers very quickly after filing bankruptcy. Be aware that these will come with very high interest rates, though.

Ultimately, bankruptcy has gotten a bad rap that it does not deserve. Filing for bankruptcy does not mean you have failed your responsibilities; it means that you are stepping up to the plate and admitting that you need help to get things back on track.

Is it time you got past your previously conceived notions concerning bankruptcy? Our team at Richard Banks & Associates, P.C. is more than happy to discuss the process with you and share how filing for bankruptcy could be just the right step to get your financial situation back on track.