"Bankruptcy Is Not the End of the World"

Bankruptcy Is Not the End of the World!

Filing bankruptcy can be very challenging for some people. For me, it was a very difficult decision but it had to be made.

I did not want to admit that we were in financial trouble at the time due to living in a two income household. We did not want anyone to know that the struggle to pay the bills even existed. Just going to the attorney to ask for advice was shameful. Filing for bankruptcy was like admitting that we had failed.

One of the worst things about our situation was that we were afraid to even talk about it with our family because of the questions that we would probably have had to answer. As I think back, we had friends experienced in financial issues that could have helped us. When you're young, sometimes it takes a lot to be able to ask for help.

During the entire process, it made me look at how money was being spent. Any time you have to account for your actions, it causes you to take the time to consider if you really need certain things to be happy. Most young people feel that the more material things that you own equals success, but you will soon find out that it means debt unless you have paid cash for whatever you want.

It does take time to gather all of your bills that the attorney will need to start the filing bankruptcy process.

It is not until the creditors start calling that you may consider bankruptcy. Collection agencies can make your life miserable. I know that some people even stop answering their telephones in fear of the way the bill collectors talk to them. You already feel bad about your situation but to have someone make you feel like you are the worst person in the world because of your debt, is not a good feeling.

After we filed for bankruptcy and our debts were discharged, we committed to never fall into the same trap again. There's been a definite change in our attitude regarding money and debt. We view credit and credit cards much differently now. We try to respect money and use it wisely.

I've also learned that at the first signs of trouble is when you should seek professional help. We shouldn't have waited so long to take action.

Contributed by Bertha from New Jersey