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Bankruptcy Myth: There is a Stigma

By Ullian Associates of The Law Firm of Ullian & Associates, P.C. on March 25, 2020

Many people feel there will be a tremendous stigma attached to their filing for bankruptcy.  There is no question there used to be a stigma associated with bankruptcy.  This view has changed primarily because bankruptcy is now much more common.  In 2010, when bankruptcy filings peaked, there were over 1,500,000 bankruptcies filed in the United States and over 23,000 cases filed in Massachusetts. 

People do not realize that many individuals they associate with have filed for bankruptcy.  Remember, after you file for bankruptcy you do not walk around with a large sign saying you are in bankruptcy.  Typically, the only people who are going to know about your filing will be your creditors and anyone you decide to tell.

Usually the stigma of bankruptcy is only in a person’s mind.  After our clients finish their 341 Meeting with the Trustee, they tend to express surprise at how positive the experience the bankruptcy has been because they are now able to breathe again for the first time in a while. 

 For more information on bankruptcy or to schedule your free consultation with The Law Firm of Ullian & Associates, P.C., contact us here.

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