The Bankruptcy Stigma: Why is there a Stigma around Bankruptcy in Centennial and Aurora?

There is a stigma related to bankruptcy that needs to be let go of, because bankruptcy can and does help EVERYONE!
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Bankruptcy has gotten a bad rap over the years. People in Aurora, Parker, and Centennial will cringe when they hear the word bankruptcy and the thought of having to file it is just not an option. Often, people have a specific idea of the type of people who file for bankruptcy, but honestly, bankruptcy does not discriminate. Whether your income is not letting you keep up with the cost of living, your student loan debts are making it impossible for you to get ahead, or you lost your job and have been living off credit cards to stay afloat, debt can affect anyone. Rich people, poor people and everyone in between have filed for bankruptcy. This debt solution was not created for one specific type of person, but is for anyone who needs the financial clean slate.

Truth Beyond the Stigma – Bankruptcy Can Affect Anyone in Colorado: The Rich, the Poor, and Everyone In Between

There is an idea that people who file for bankruptcy are irresponsible with their money. They spend lavishly and then can’t afford their lifestyle, so they file for bankruptcy. While this is occasionally true, the vast majority of people who file for bankruptcy do not fall into this category. Common reasons people file for bankruptcy include:

  • Income doesn’t cover all their necessities: using credit cards to pay bills
  • Economic hardships: huge mortgage, living paycheck to paycheck, no savings, etc.
  • Major life change: injury or illness leading to inability to work, job loss, etc.

The above listed things can affect anyone. It’s not just people working minimum wage jobs, but college educated individuals who run businesses or work white collar jobs can be affected too. Even celebrities sometimes have to file for bankruptcy. If someone who hires a team to manage their finances can get to the point where bankruptcy is the best option, imagine how easy it can be for a person with an average income dealing with their financial situation alone to get to that point.

If you are ready to look beyond the stigma and consider getting the financial help you need through bankruptcy, contact the best bankruptcy attorney Barry Arrington at 303-205-7870 to schedule your free consultation and begin your journey toward financial freedom.

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