Discussing money can be uncomfortable, so much that it’s often a taboo subject at social gatherings or holiday parties. When it comes to filing for bankruptcy in the Mankato and southeastern Minnesota area, some people may feel embarrassed or ashamed, perhaps because they believe filing for bankruptcy is an uncomfortable public admission of a difficult financial situation.
Fortunately, a recent study shows that these embarrassed individuals are in the minority. Only about one quarter of Americans believe that shame is a major disadvantage of filing for bankruptcy, which is likely because bankruptcy has become quite common within American households:
- 24% of households have considered filing for bankruptcy
- 18% of households have filed for bankruptcy
- 32% of households with children under 18 have considered filing for bankruptcy
- 25% of households with children under 18 have filed for bankruptcy
Now that bankruptcy has become a reality for more households, there are other disadvantages that outweigh embarrassment when filing. Rather than considering shame, Americans now tend to feel more concerned about fiscal, credit-based matters, such as their credit score or relationships with businesses.
Bankruptcy is not something to feel ashamed about and, fortunately, more than half of Americans agree. Fifty-five percent of those interviewed said that a major advantage of bankruptcy is getting a fresh start. Filing for bankruptcy can be a difficult decision and process, but receiving another chance at financial success is certainly an advantage.
Bankruptcy has become a personal subject for nearly one of four adults within the United States. With that statistic in mind, it’s important to find a bankruptcy specialist that appreciates your financial needs. At Behm Law Group, Ltd, we understand the importance of a fresh financial start in the Mankato and southeastern Minnesota area.
Three quarters of Americans agree—there’s no shame in asking for financial help. Call Behm Law Group Ltd. today.