Bankruptcy is NOT a Moral Failingdamg2023-11-10T15:48:32+00:00
Bankruptcy is NOT a Moral Failing
No one wants to be in a bad or difficult financial situation. People think that filing for bankruptcy protection is a personal reflection upon themselves, a moral failing. Bankruptcy is a legal remedy, not a permanent condition, and it is absolutely NOT a moral failing. Filing for bankruptcy in Oklahoma is not a way to cheat creditors or to avoid financial obligations. Bankruptcy is a fundamental constitutional right that is intended to provide financially distressed debtors with a fresh start.
Large corporations like Chrysler, General Motors, Sears, Kmart, Texaco, Macy’s, United Airlines, and famous people such as Donald Trump, Thomas Jefferson, Abraham Lincoln, financial guru Dave Ramsey, Henry Ford, Willie Nelson, and Walt Disney did not hesitate to utilize their constitutional right to file for bankruptcy.
The “stigma” of bankruptcy is largely a creation of creditors who have every reason to make bankruptcy appear unattractive, because very often, their debts are discharged in bankruptcy proceedings. More than 90 % of individuals who file for bankruptcy do so because of circumstances beyond their control, such as unexpected medical expenses from illness or injury, losing a job, getting divorced, or an economic downturn. Bankruptcy is not a moral failing but a necessary response to unforeseen circumstances and uncontrollable life events.
Most people who file bankruptcy are honest people who are experiencing unfortunate circumstances and feel bad that they are unable to pay their debts. Bankruptcy is an important safety net that exists for a reason: to provide financial relief for those who need it most.
At the Henson Law Firm, we understand that life happens and we are here to assist you. Call 918.551.8995 or click “Schedule a Free Virtual Consultation” on our website to setup a FREE and confidential initial consultation.
*We are a debt relief law firm in Tulsa, Oklahoma.
*We help people file for bankruptcy relief under the Bankruptcy Code.