The So Called Stigma of Bankruptcy: Let's Set the Record Straight
I sometimes get asked, “Mr. Boulgourjian, I feel a sense of embarrassment for filing bankruptcy.”
If you are struggling with a fear that there is a stigma associated with bankruptcy, let me give you a few numbers:
More people filed bankruptcy in the past year than the entire decade of the 1960’s. Whether you know it or not, it’s more likely that you know someone who has filed for bankruptcy. There is no stigma left.
Congress (and the United States Constitution) both accept that there is no social or economic good in oppressing someone who simply cannot repay their debt. It’s that simple. If someone is in over their head, either because of unemployment, sickness, family concerns such as divorce, or other crises, there is little good in leaving them in a spot they cannot recover from. It doesn’t help anyone. Give that person the opportunity to move forward and once again become a contribution to society and the economy. It is from this construct that our bankruptcy laws are borne, and it’s your right to turn to them if you need to.
There’s good reason why many lenders will try to make you feel like you are doing something wrong by filing bankruptcy; it’s because the last thing a lender wants is for you to know that you have options. I’ve been a real estate attorney for a while. I’ve seen mortgage lenders act very honorably and others openly break the law. It’s in your best interest to talk to someone who can tell you if your mortgage lender is treating you fairly under the law.
Let me tell you what doesn’t work. Trying to frighten your lender by threatening to file for bankruptcy doesn’t work. Lenders have heard borrowers make this threat so many times that it bounces off them like they were wearing Teflon. The only time a lender is going to take such threats seriously is if you actually file. If you feel like you’ve been getting the runaround from your mortgage lender, bring me your case and I will tell you where you stand. No obligation, no fee. You can reach us through the form on this webpage, or you can call us directly at 888 607 7460. I look forward to helping you.