Based on CBP data, we find that people are living longer in the financial stress sweatbox before filing bankruptcy than they have in the past.
Two-thirds of people who file bankruptcy reported struggling with their debts for two or more years before filing for bankruptcy.
One-third of people reported struggling for more than five years, double the frequency from the CBP’s survey of people who filed bankruptcy in 2007.
For those people who struggle for more than two years before filing — the “long strugglers” — we find that their time in the sweatbox is marked by persistent debt collection calls, the loss of homes and other property, and going without healthcare, food, and utilities just to make minimum payments on only some of their bills.
There is no need to live like this. The longer you wait means the longer your road to recovery. Although long strugglers do not file bankruptcy until long after the benefits outweigh the costs, they still report being ashamed of needing to file.
It is often much better to end the stress and anxiety and not delay repairing your life. The longer you wait the longer your relationships with others suffer and the more unhealthy stress and anxiety builds up.
Bankruptcy is for the most part a confidential process and your friends, family and neighbors will not know unless you tell them that you filed for bankruptcy. You should not feel ashamed to file for bankruptcy and it is not a sign of failure or defeat.
Most people need a fresh start in life at least once in their life. From start to finish, no one you encounter in the bankruptcy process will make you feel guilty or ashamed.
At Bucacci and Simonian we are not judgmental of your situation. We are here to help you.
Every year we have to meet with and file bankruptcies for our friends, family members of friends, colleagues, business associates and people we have know for many years. The best way to look at your situation is that it is no different than going to the doctor when you are too sick to recover on your own and you need professional help.
Call us today for a free confidential bankruptcy consultation.
We are Massachusetts bankruptcy attorneys who have been helping people with their financial problems for well over 25 years. Call Bucacci & Simonian at 508-673-9500 for a free and confidential consultation today.