Personal finances can be a very private topic. People are very guarded about discussing the money they do or do not have, and with good reason. The fact is that it is not uncommon for others to make unfair judgments about our lifestyle if and when they learn details about what we have in our bank account and how we choose to spend money.
But while keeping financial matters private is not generally seen as a bad thing, it can become a problem when someone is too hesitant to ask for help in dealing with a difficult situation. This can be especially true when a person in New Jersey is trying to deal with mounting debt, losing their home or creditor harassment. Eventually, people may need to reach out and get some help and even financial expert Suze Orman agrees: Hiding from financial troubles will not make them go away.
In a recent article, Orman discusses what we have mentioned a number of times before on this blog. Asking for help when it comes to debt relief can be difficult, but in general, it is a much better solution than ignoring the problem. Interest rates, late payment penalties and bills will not go away on their own. And people who do not have the money to cover these charges may need to consider debt relief options, including Chapter 7 bankruptcy.
According to Orman, bankruptcy is an effective way to take control of the situation. Not only can filing for bankruptcy generally put a stop to harassing phone calls and foreclosures, but Orman says that it allows a person to let creditors know that he or she does not have the money to pay off the debt and work towards finding a solution.
There is an unfortunate stigma attached to filing for bankruptcy. But over the past several years, millions of people have been faced with the financial repercussions of a recession, a bad housing market, an aging population of people requiring medical care, and other challenging events. This should be a strong reminder to people who are struggling to manage debt that they are not alone and they have legal and effective options when it comes to tackling debt and making a fresh financial start. And it all begins when a person decides to take that first step and ask for help.
Source: CNBC, “The good thing about bankruptcy,” Sakina Spruell, Oct. 21, 2013