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Does There Come a Time When You Should Just Give Up?

Are you one of the many Americans, struggling with massive debt, who are struggling with the morality of filing for bankruptcy?

Many people are in so deep that they cannot dig themselves out. They have more debt than income, the mortgage payment on their underwater home is killing them, they have been looking for work for months and it seems like the light at the end of the tunnel is the train.

These people, and you might be one of them, want to pay what they owe, they don’t want to feel like a deadbeat, they don’t want a handout or assistance, but there really is no other logical option except to file for bankruptcy… and they feel guilty about it.

But should you feel guilty? As debt expert Gerri Detweiler puts it, “Most people I talk with feel an enormous amount of shame when contemplating bankruptcy or walking away from a house, they feel like they will be branded as bankrupt or a deadbeat, but, ultimately, these days it’s often a difficult financial decision more than a moral one. I say that because many people who file bankruptcy or give up their home have done everything they can do to avoid it, and there are simply no other options left.”

When it comes to the act of dealing with debt, it is pretty cut and dried, but dealing with the moral responsibility to repay a debt is a bit more difficult. The financial and social resources you have at your disposal, the type of debt and more importantly the type of person you are, all play a part.

There’s no doubt that if you are considering bankruptcy, you feel apprehensive. But remember this: you are not alone, there are numerous other people dealing with a situation similar to your own. Over 1.2 Million Americans filed for bankruptcy last year according to USCourts.gov. There is a variety of reasons for filing for bankruptcy including job loss, divorce and of course overwhelming and out of control debt.

With all of these differences aside, everyone filing for bankruptcy have something in common… they have realized that they are in over their head and are unable to resolve the problem themselves.

Chances are, like millions of other Americans, your debts are so big that you will never pay them off. Wouldn’t be better to file for bankruptcy, than to suffer needlessly with a huge financial burden for the rest of your life? Also think about the damage you are doing to your credit by not making your monthly payments. When you have a lot of late payments on your credit report, your credit score is affected and it is a warning sign to lenders that you are a bad risk.

 “Bankruptcy will ruin my credit” you will undoubtedly think… but if you are at the point where you need to file for bankruptcy, you credit is likely already ruined. You cannot start to rebuild your credit until you get out of debt, and bankruptcy can be a good first step. If you can’t afford to pay your debt, bankruptcy may be the only way to get out of debt.

Keep in mind that you run the risk of losing your car or even your home if you wait too long to file for bankruptcy.

The point to all of this is that filing bankruptcy is nothing to be ashamed. The bankruptcy laws serve a purpose and are here to benefit everyone. That’s not to say you should be irresponsible with the debt you incur, but filing a bankruptcy is an act of responsibility and puts you in a position so you can get on with your life.

Filing for bankruptcy may be emotionally difficult, but if you are ever going to improve you life, you have to improve your current situation.

If you are struggling with your debt, but not yet to the point where you are in over your head, you would be well served to seek the advice of a financial expert. The professionals at DebtHelper.com can explain the benefits of a debt management program and provide you with a fresh start.

One of the biggest long-term benefits of the debt management plan is the reduction in interest. Reduced interest allows you to pay off your principal balances faster while saving you possibly thousands of dollars in finance charges.

In order to determine if you are eligible for a debt management program, you can fill out an online budget application form now and then you can contact one of their Certified Personal Finance Counselors© at (800) 920-2262.

DebtHelper.com can currently accept clients from the states listed here. DebtHelper.com is licensed, insured and complies with all state licensing requirements to ensure mandated regulations are followed. They are diligently working on becoming licensed in every state and are opening new states monthly.

Please call (800) 920-2262 if you have any questions. DebtHelper.com’s consultations are free, call them any time.

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