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bankruptcy, Credit Cards, Credit Repair, Debt

I'm too Embarrassed to File for Bankruptcy!

On Behalf of Veitengruber Law | Aug 21,2015

The over-use of credit cards has become very commonplace in today's society. Don't have enough money? Just swipe this card through, or type in a simple series of numbers online. No problem; worry about it later. The problem results when 'later' finally rolls around. Even charging small amounts can add up FAST. Virtually anyone can suddenly find themselves up to their eyeballs in credit card debt, being unable to make even the minimum payments. On top of that, missing only a few months of payments will tack hefty late fees onto an already mind-blowing amount of debt. Most people who find themselves with mounds of credit card debt did not intend to end up in dire financial straits. In fact, the majority of credit card users start out determined to pay off their credit card balance on time, every single month. "As soon as the bill arrives, I'll mail out a check. I'm just waiting for my __________(paycheck, tax return, raise, new job to start, etc)." For some people, the timing is right and as soon as they get paid, they knock out any credit card payments that were due. For others, however, the self talk turns to something like: "I can't believe I racked up so much credit card debt! I'm so embarrassed!" The fact of the matter is that everyone makes mistakes sometimes. Good people occasionally make bad judgement calls that can at times snowball out of control. Even if you had the most honorable plan when you began charging things to your credit card, if even one of your life circumstances takes a wrong turn, you can find yourself falling short. Many factors can alter your course, and unfortunately sometimes your course can start going steadily downhill. Perhaps you've encountered one or more of the following unexpected hurdles:
  • A growing family
  • Work demotion
  • Job loss
  • Injury or chronic illness
  • Divorce
  • Lay-offs
  • Special needs children
  • Death of a spouse
  • Elderly parents in need of care
  • Moved to a location with higher cost of living
  • Gambling addiction
  • Medical bills
  • Drug addiction
  • Poor communication about money
Any of these factors can lead you to make bad choices regarding your finances, either willingly or because you were left with what felt like no other choice. When dealing with difficult life events, charging groceries to your credit card may feel like no big deal. After all, your family has to eat, right? And, even if you're out of work, you still need to put gas in your car to go to job interviews. With no disposable income, you might find yourself using your credit card for almost everything very quickly. It's natural to feel embarrassed when you can't pay your bills. Human nature tells us that as responsible adults, we should be able to keep our finances in order. However, don't let your embarrassment stop you from taking steps to get back on track. Even deep in debt - you have choices! You can continue to let your debt roll over until you lose all of your possessions, OR, you can be proactive and file for bankruptcy NOW. By filing for Chapter 7 bankruptcy, you'll be able to wipe out ALL of your credit card  (and most) medical debt. You'll be able to keep your home and car as long as you can afford the payments. Your credit score will suffer, and the bankruptcy will remain on your credit report for a decade, but that's actually much better than your current situation. A fresh start free from the burden of your credit card debt will allow you to get current on your mortgage, car payments, and utility bills. Staying current each month will slowly but surely bring your credit score back up to a respectable level, and avoiding credit cards in the future will keep it there.

Image credit: Justin Maier

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