I believe that filing bankruptcy is a compassionate act. I alleviate the suffering of my clients by assisting them to obtain relief from their debts through bankruptcy. My clients are good people with severe financial hardship, who seek to transform their financial distress into financial freedom.
In case you haven’t heard, bankruptcy has a history as old as religion itself. The Bible itself even allows for forgiveness of debts, as Matthew B. Tozer and Ben E. Lofstedt wrote so eloquently. Jill Lepore wrote, Annals of Finance, “I.O.U.,” in The New Yorker, which chronicles how we used to treat debtors in America. My favorite sentence in that article reads, ” . . .most people who fall into debt are victims of the business cycle, and not of fate or divine retribution.” Keep that in mind as you consider that it’s okay for the likes of Chrysler, GM, and celebrities to file for bankruptcy, but not you.
I have the hardest time, standing by, watching the incredible suffering of humanity over debt. Remember when the airline attendant says that in case of emergency you put the oxygen mask on yourself first? The same applies to your finances. Loving one’s self starts with you. When you put yourself and your family first, you can transcend the suffering and make your own choices in life, moment to moment.
Law Professor Brent T. White recently wrote a paper entitled, “Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis.” The media plays a huge role in supporting the “moral responsibility’ to pay one’s mortgage. Read his paper and decide for yourself. What will you do in 2010 to put your self and your family first?