Are you too embarrassed to file for Bankruptcy?
Bankruptcy has recently been declared the most humiliating embarrassment that could ever happen.
Being caught in a drunken stupor by your boss or getting divorced, is considered less degrading than being found out that you have filed for bankruptcy, a report revealed. The only shame worse than bankruptcy was found to be "being arrested for drink driving".
However, despite the social stigma attached to bankruptcy, over 17,000 people chose this as a debt solution during the first quarter of 2007.
Insolvency occurs for many, when financial pressures become debilitating. Interest rates add to this agony and people suddenly realise that debt they could usually control is suddenly spiralling out of hand.
People simply do not take their financial situation seriously ...and when the message finally hits them, an IVA or bankruptcy is the only option left available.
Many people continue to run up debt with the strange notion that they will somehow be able to manage repayments. They rely on hopes of a pay rise or expect a big win on the lottery or to receive a huge inheritance. With these comforting notions in mind, they continue to ‘buy now, worry later’ and hope that the day will never come when they have to meet their debt head on and face the harsh realities of life.
What can you do to avoid that day arriving?
Take financial responsibility from this very moment onwards. The only way to avoid this happening is to seek debt advice from a professional debt management company who will look at your finances and advise you of the best options to avoid debt doing its worst. At Debt Advice Trust, we provide debt advice for free over our helpline and can advise you on the best solution for you.
