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Do not feel ashamed when facing money problems

| Apr 29, 2020 | Chapter 7 Bankruptcy

Many people believe that the amount of money a person has, or his or her level of income, proves success. As a result, when individuals in Oklahoma or elsewhere begin to face financial struggles, they may easily see themselves as failures. However, money problems can happen for a number of reasons, and in many cases, people are not necessarily at fault for ending up in difficult financial situations.

You may have recently found yourself struggling with expenses, and your bills may only continue to pile up. You do your best to make minimum payments when you can, but lately, you have been struggling to do even that. In fact, you may have missed a few too many payments and now feel worried about your livelihood. Understandably, you may feel anxious about your predicament overall.

Are you a failure? Is it your fault?

Like many people who face money problems, you may constantly think that you somehow failed and that your money issues are the consequences of your actions. However, that is likely not the case. In fact, the top reasons that individuals find themselves facing financial difficulties that warrant bankruptcy are often issues they could not control, such as:

  • Getting a divorce: Though you and your spouse may have agreed that being together was no longer best, you may not have anticipated the many financial burdens that would result from divorce.
  • Medical expenses: Unfortunately, medical care is expensive, and you may have faced an unexpected issue that required medical attention. Even with insurance, your bills may seem insurmountable.
  • Unexpected expenses: You may have experienced a serious event that led to substantial property damage, like a tornado or fire, and ended up with significant expenses that you did not have the savings to cover.

If any of these or other similar experiences seem familiar to you, you do not have to feel ashamed. In fact, you deserve a second chance at getting your financial affairs in order. This is why bankruptcy exists. It provides consumers the opportunity to get back on track after facing financial hardships.

Should you file for bankruptcy?

Whether bankruptcy is right for your situation can depend on a number of factors. In order to determine whether you could benefit from this legal option, you may wish to gain reliable information from knowledgeable attorneys who can assess your details and provide specific insight into your case.