Bankruptcy, like many things in life, can be seen to have a certain stigma attached to it. While, theoretically, you may believe that the judgment of others should never affect you, it’s normal to have concerns. You may be embarrassed to admit to friends that you are facing bankruptcy, or worried that your children will lose respect for you. Additionally, you may worry about your employer learning about your bankruptcy filing.
While all of these worries are understandable, it is important to acknowledge that they are very much irrational worries that are founded by societal expectations and cultural norms. It’s perhaps nobler to face up to the fact that you are having financial difficulties than to bury your head in the sand and to keep spending so that you are perceived as outwardly successful. The following are some ways to deal with your fear of the stigma of bankruptcy.
Many of your friends may be able to relate
Although the lives of your friends and acquaintances may seem problem-free and idealistic, it’s likely that at least one person you know has been through bankruptcy at some point in their lives, or at least faced financial difficulties. By opening up about the problems you are facing, you are sure to receive emotional support from those who care about you. This could help you gain the motivation and determination you need to persevere with your bankruptcy.
Your children should look up to you
You may at first be ashamed to admit to your children that you are filing for bankruptcy since you feel that you have failed in your duty to provide a stable life for them. However, this will not be the case at all. Children of all ages have a lot to learn from their parents’ persistence. By watching you take back control of your life, they can only look up to you and see that you are determined to do what it takes to provide for them.
As well as the social stigma of bankruptcy, many worry about the financial implications that they may face due to a drop in their credit score. A drop in your credit score will only protect you from getting into a situation of further debt, so you can count it as a blessing in disguise. Taking action to file for bankruptcy can help you get a fresh start from your debts, which can change your life for the better.