At the Lein Law Offices, we know that Wisconsin residents often find themselves in dire financial situations from which they feel there is no escape. We also know that people can feel guilty or ashamed at the thought of resorting to bankruptcy to ease their financial burdens. If you are worried that you might be taking the easy way out by filing for bankruptcy, you might want to reconsider the outdated notion that personal bankruptcy is something to be ashamed of.
Despite the fact that more people today are filing for bankruptcy than in previous decades, there is still a stigma attached to this option, as Fox Business points out. You might have been told that filing for Chapter 7 or Chapter 13 will ruin your credit for life, or that you will never be able to get a loan for a home or car again. Your well-meaning loved ones may have informed you that you could be fired if your employer finds out you have a bankruptcy, or even that you are being irresponsible for not repaying your debts.
In addition to being emotionally harmful, these claims are simply not true. Soon after your bankruptcy discharge, you can start rebuilding your credit. You may be eligible for a new loan sooner than you would expect, and many reputable lenders specialize in offering credit to those who are recovering from financial difficulties. A personal bankruptcy should not affect your employment status, and there is nothing shameful about making use of a legal and valid debt relief option like bankruptcy.
Financial difficulties are not always the fault of those who experience them, and you have options for relief, as our bankruptcy page explains.