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Bankruptcy is bad

June 28, 2018

As a professional with over 23 years of experience in the insolvency industry and more than ten as a Licensed Insolvency Trustee why so many people think bankruptcy is bad. Just that “bankruptcy is bad”. I suppose that no wants to be insolvent, not having enough money to be able to pay their bills, which is a precursor to being bankrupt. But being bankrupt truly isn’t that bad.

Being bankrupt basically means that you recognized your inability to deal with an out of control debt problem and you got help! As a bankrupt there both an end and a beginning – you have ended the stress of dealing with problem debt and positioned yourself to rebuild and repair your credit life.

I struggle to imagine that bankruptcy can be worse than dodging phone calls, being sued, having wages garnisheed or bank accounts seized. The whole process for a first-time bankrupt takes a mere nine months and can relieve the person of thousands if not millions of dollars worth of debt. Think about that the next time someone tells you bankruptcy is bad.