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    Is Bankruptcy An Irresponsible Choice?

    OVER $1 BILLION IN RECOVERIES FOR OUR CLIENTS

    Bankruptcy Lawyer

    Oftentimes, when individuals are struggling with debt, they resist the opportunity to benefit from various forms of debt relief because they believe that doing so would be irresponsible. There are many solid reasons why families and communities teach children to pay back their debts and to assume personal responsibility for their choices. Yet, like many things, the circumstances that adults face are often far more complex than lessons taught in childhood can accommodate.

    In reality, there are times when filing for bankruptcy is irresponsible. For example, someone who deliberately runs up massive credit card debt with the intention of having it discharged in bankruptcy is, in essence, committing an act of fraud. However, the vast, vast majority of bankruptcy filers don’t approach bankruptcy as a “get out of jail free card.” They approach it as an opportunity to get their finances back on track so that they can make responsible choices moving forward unburdened by debt that was likely incurred due to circumstances beyond their control.

    Why Do People File for Bankruptcy?

    As an experienced Chicago bankruptcy lawyer – including those who practice at Therman Law Offices, LTD. – can confirm, the significant majority of individuals who file for personal bankruptcy do so because of medical debt resulting from injuries, illnesses, or expensive birth processes, the unexpected loss of employment, the financial impacts of natural disasters, and other circumstances beyond the filers’ control.

    If you’re thinking about filing for bankruptcy, know that you’re not alone. Also know that there is virtually no stigma attached to this process anymore and that some parties – including potential lenders – may even come to view your choice to file for bankruptcy as an actively responsible course of action.

    Why Is Bankruptcy Often a Responsible Choice?

    When individuals are struggling with debt, it can be tempting to simply stop opening bills, stop answering the phone, and hope that they don’t get sued. By filing for bankruptcy, an individual debtor proves that they’re willing to do what it takes to address their debt head-on so that they can build a stronger financial future.

    If, after a debtor’s bankruptcy case is finalized, they engage in responsible borrowing and repayment habits moving forward, it is highly likely that potential lenders will come to view that debtor’s decision to file bankruptcy in a favorable light. This favorability is most likely to increase exponentially, the longer that the filer engages in responsible financial habits once their case has been resolved.

    Filing for bankruptcy isn’t the best debt management or debt relief opportunity for everyone who is struggling with debt. If you’re not exploring this opportunity because it isn’t right for you, that is a logical approach. However, if you’re holding back from filing for bankruptcy because you believe that doing so would be an irresponsible choice, please understand that potential lenders and the vast majority of the American public no longer views this opportunity as such. Ever since the Great Recession, it is understood that even the most responsible of Americans may need to reset their finances due to circumstances beyond their control.

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    The Disparti Law Group is one of the most successful law firms serving the greater Chicago and Tampa areas. As the leader in Injury, Disability, Workers’ Comp, and Employment Law, with more than $1 Billion in recoveries, The Disparti Law Group has been named One of the Most Influential Law Firms in America by Trial Lawyer Magazine.

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