The majority of humans are capable of empathizing and many do have sympathy for those in less fortunate positions. Unfortunately, this isn’t always the case. People who fall on hard times financially are often stereotyped, particularly when they file for bankruptcy.
Of course, bankruptcy can be the result of reckless spending but this is generally not the case all of the time. Millions of Americans are currently struggling with their household bills and other costs. Analyzing the more common causes of bankruptcy could help to address some of the negative stereotypes around the subject:
Medical bills
Accidents and illnesses tend not to discriminate between the rich and poor. Anyone can fall gravely ill and thus require urgent medical treatment, which doesn’t come for free. If someone is faced with the choice of ignoring their healthcare needs or addressing them and falling into debt as a result, is it really fair to judge them?
Family circumstances
Many marriages work out for the best but a significant proportion don’t make it. Divorce typically results in the household income decreasing as well as property and assets being divided.
One spouse may have to pay spousal support on top of child support and it can all become too much. When someone is doing their best to provide for their children but struggling with other payments, it’s really not fair to stereotype them as a reckless spender.
If you’re having financial difficulties and contemplating bankruptcy then there is nothing to be ashamed of. By tackling the issues head-on with legal support behind you, you may soon get your financial situation back on track.