Vance P. Truman, Attorney at Law
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Expert says bankruptcy is smart, not morally wrong

It's time to break down one of the most common bankruptcy myths: That's it's morally wrong to file. If you don't think that already, you may think it's absurd, but rest assured that a lot of people struggle with this. It's one of the main reasons that people who could really use bankruptcy are reluctant to file. They feel like they are doing something wrong, and they can't stomach it.

It's not clear exactly how this myth got started, but we need to put an end to it. Bankruptcy is a financial tool. It's legal. It's common. It's useful. Experts note that they think it's smart, not morally questionable.

You have a lot of financial tools. Investments. Savings. Interest rates. Bank accounts. Stocks. Bonds. The list goes on and on. Think of bankruptcy as just one more tool. When things don't fall your way financially, it's a tool to get you back even again and give you a chance to start over. That's all.

The real question you need to ask yourself, then, is not whether it's right or wrong. Just ask yourself if it would help to eliminate your debt. Is that something that would put you in a better place in life or a better position for retirement? If so, then it may be a financial tool that you want to use. End of story.

If you do think that filing would be helpful or has even become necessary due to the debt you're dealing with, make sure you take the time to look into all of the legal steps you need to take.

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