I don’t know anyone in Rhode Island who thinks filing for bankruptcy is taking the easy way out. I’ve yet to converse with anyone who wanted to file a Chapter 7 bankruptcy as a way to cheat credit card companies, or to seek revenge for high interest rates.
Who Files Bankruptcy in Rhode Island?
My clients come from from every part of Rhode Island. They are young, old and all the stages in between. Some have little schooling, while others have college degrees including masters and doctorates. What I have encountered are trustworthy, diligent people who feel trapped by too much debt.
They want to do the right thing and repay their debt, but they simply can’t. With so much debt, they are stuck. They are unable to move forward.
Family welfare and personal health soon begin to suffer. With overwhelming guilt, these people have become slaves to their debt and are afraid to ask for help. They believe others will judge them as immoral for filing a Chapter 7 bankruptcy. Despite their best efforts, they are going over the financial waterfall and there is no catching up.
Many things can prevent an honest debtor from paying his bills: job loss, a medical crisis, a loss of overtime at work, a divorce, a change in interest rates. Any one of these events can send a person running to a bankruptcy lawyer, dejected and embarrassed.
Is Filing Bankruptcy A Moral Issue?
So when did filing bankruptcy become a moral issue? Because most Americans come from a Christian or other strong spiritual tradition, we value honesty and integrity in our personal and business dealings. We may even be familiar with a verse in the Old Testament book of Psalms which says, “The wicked person borrows but does not pay back.” Does this suggest that all debt must be repaid, no matter the circumstance?