Is it Morally Wrong to File for Bankruptcy?

Unexpected #debt crises can happen to anyone and during the past 25+ years I have spoken to potential clients from every walk of life. I have consulted with construction workers, nurses, machine operators and telecommunications systems analysts. I have advised physicians, engineers, accountants and business owners. I have consulted with college students and retirees.

None of the potential clients I have met, or clients who have retained me were happy about the idea of filing bankruptcy. As Americans, we are an optimistic people. We see opportunity and relish the entrepreneurial spirit. Bankruptcy represents a step backwards and a very real wake up call that something needs to change.

For many people, and perhaps for you too, the idea of not paying back a debt that you have incurred is morally wrong. While this sentiment is valid, I think that it considers only half of the story.

Creditors – and this is especially true for unsecured creditors – charge interest rates high enough to guarantee their profit and to account for a certain percentage of default. In some cases, interest rates and penalty payments are so high that default is almost a given. I have seen many account statements in which my client has paid the full principal back plus interest but still owes thousands. I see no moral issues with discharging debt that edges into usury territory.

Further, and I discuss this in this video, #bankruptcy can help you refocus your resources on saving for retirement rather than paying endless interest to a credit card company. In my view, you benefit yourself and your fellow citizens by saving for retirement rather than foregoing long term savings to pay short term debt. #atlantabankruptcyattorney #chapter7bankruptcyatlanta #chapter13bankruptcyatlanta #ginsberglaw #jonathanginsbergattorney #eliminatecreditcarddebt

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Jonathan Ginsberg
Atlanta Bankruptcy Attorney
Telephone: 770-393-4985

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3 Responses

  1. dogsareme100 says:

    I feel it depends. If you file because you were reckless with your resources were living above your means for years and now you realize you can not pay up and you file for bankruptcy I see that as bad. Yes, people make bad decisions, but if you are so reckless and live above your means and figure well I can file bankruptcy I see that as very different than someone who maybe got sick and has medical bills/credit card bills they cannot pay because they turned to credit when they could not meet their basic needs as a result of the illness, or someone who loss his/her job after years of working and paying their bills because of a downturn or someone who lost everything as a result of fire, flood or otherwise something beyond his or her control and did not have enough insurance. To me whether one should feel guilty or whether it is wrong depends on the reason and motivation for filing. Is it because you have abused the system knowing it was there OR is it something that happened beyond your control where before that you were saving or at the very least paying your bills. It happens and if that forces you to file so be it, but if you do not manage your resources and end up in a tough spot then what you need is help with a budget and not to just walk away from the debt that you incurred as a result of those choices.

  2. Fymious Fymman says:

    I had to file chapter 7 bankruptcy 7 years ago. This guy knows what he’s talking about.

  3. Denise P says:

    Thank you so much for all your videos!!

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