We live in a capitalist society that is centered around money, income, debt and consumerism. It’s easy to get so caught up in all of this that you forget about the big picture. This is why many people who are facing bankruptcy act as if it’s one of the worst things that can happen to them.
It’s not. It’s just money. Bankruptcy is a legal way to deal with money. The world isn’t ending. Life isn’t ending. Don’t conflate financial issues with these big-picture issues. You’re healthy, you have legal options and you can get this figured out.
Do we value money too much?
Many have made the argument that we value money too much. That’s not to say that you don’t need any. Understandably, things in life cost money, and you want to meet the needs of yourself and your family. But there’s no reason to think of money as the standard for everything.
For instance, one study asked people if they thought time or money was more important. About two-thirds said money. The one-third that said time, though, also revealed a higher level of overall happiness. This may show that many people who spend all of their time chasing money are not actually “getting ahead” in life, as they think they are. When looking at happiness, they’re trailing behind.
You can take this view as you face bankruptcy. Instead of looking at it as a failure, just look at it as a minor hurdle that’s in your way. You can still be happy. You can still find solutions. As they say, life goes on. Bankruptcy can help you get things back in order so that you can focus on what is really important: enjoying your life.
Understanding your options
The options you have for bankruptcy depend on the specifics of your situation. If you earn a wage, Chapter 13 may help you reorganize what you owe. If you do not have substantial income, Chapter 7 may eliminate your debt and give you a fresh start. These are the most popular types of bankruptcy, so just make sure you know what factors to consider when making your decision.