Bankruptcy Guilt.
Why you need to redirect your energy.
So many times we see our bankruptcy clients in anguish over the thought of wiping out their debt.
They feel guilty about walking away from their creditors. In some cases the dilemma is obvious; the small town doctor who agreed to bill you for your office visits – resulting in a small debt or the local credit union that tried to work with you on your late payments. However, if you are feeling overly guilty about discharging credit cards or personal loans from large financial institutions, think again.
JPMorgan Chase is reporting net revenue of $29.2 billion, $29.1 billion, and $28.3 billion for the fourth quarter of 2020, third quarter of 2020, and fourth quarter of 2019, respectively.
Reportedly, JPMorgan Chase CEO, Jamie Dimon, was paid $31.5 million ($1.5 million salary, as well as a $5 million cash bonus and $25 million of restricted stock tied to performance). It was a good year for JPMorgan Chase.
Was it a good year for you?
When it comes to finances, American families need to do what is best for their household. The large lending institutions are doing what is best for their shareholders. You need to do what is best for your family members.
Bankruptcy is a legal debt relief option that debtors can use to gain control in their finances.
Creditors may try to sell bankruptcy to the public as an easy way out surrounded by shame and guilt. Making the decision to file for bankruptcy is not easy; however, it is a decision some need to consider.
Some benefits of filing bankruptcy are: automatic stay relief from creditors, discharge of most unsecured debt, protection of exempt assets, and a fresh start. Additional benefits in a Chapter 13 Bankruptcy are: court approved repayment plan, trustee discount interest rate, possibly removing a second mortgage from your residence, and possibly paying a vehicle’s value to lender instead of loan amount.
Do what is best for your family and do not worry about the creditors. We do not endorse reckless spending; however, in most cases our clients have experienced a disaster out of their control. The creditors have extended credit and are well aware of the risks and as shown above are still profiting.