Agents and operatives with a vested interest in promoting bankruptcies, or selling you their bankruptcy service point out that it is more common than it was in past years, so they suggest that the process carries much less social stigma than it did a generation ago.
Their ads and pitches also suggest that bankruptcy is an easy, streamlined procedure.
DON’T BE FOOLED. The process is MISERABLE and leaves lasting SCARS.
Miserable Process
Degrading process: In Bankruptcy, court officials supervise all of your finances
Costly process: With legal, court & other fees, Bankruptcy still costs thousands
Lengthy process: Reorganizing may take up to 5 years, all in the court’s shadow
Demoralizing: Debtor is blocked from keeping most savings, assets or winnings
Isolates Debtor: Family/friends forbidden from helping, transferring assets, etc.
Inconvenient: Debtor has to report to court/officials regularly, numerous times
Public, never private: All of Debtor’s troubles and woes are public court record
Complicated/Dangerous: If items overlooked Debtor can be charged with Fraud
Damages business relations: Slighted creditors often feel betrayed, embittered
Bad results/hard feelings locked in: Process forbids indulging favorite creditors
Exhausting process: Studies show bankruptcy, like divorce is emotionally trying
Long Term Scars – Not a “fresh start!”
Some debts not dischargeable (alcohol/auto; libel/slander, alleged “fraud”)
