Katy Stech of the The Wall Street Journal wrote an interesting piece today regarding Apologies in Bankruptcy. (Find the article here)
In the article, she cites a study done by two law professors wherein they study the effectiveness of debtors going through bankruptcy who apologize to the Bankruptcy Judge for having to file for bankruptcy. The results, from my opinion, really don’t show any difference at all if debtors apologize or not.
I have long said that filing for bankruptcy protection, whether you are General Motors, Donald Trump, or Mr. and Mrs. Smith from Layton is a financial decision, not a moral one. Filing for bankruptcy says nothing about you as a person or the worth of your soul.
By a large majority, most of the people I represent who file for bankruptcy have 1. lost a job, 2. faced huge medical bills, or 3. have been recently divorced or suffered the loss of a spouse. Life can, and will, throw curve balls at us as we journey on. Sometimes bankruptcy is the only thing that can help you and your family stay afloat. Bankruptcy has existed in some form or another for centuries. Our Founding Fathers included language in our Constitution for the establishment of Bankruptcy Courts.
If you are wondering if bankruptcy is the right decision for you, call today for a free consultation. What do you have to lose?