Feeling Guilty About Bankruptcy?

April 19, 2010 - PRLog -- Being faced with bankruptcy is never a pleasant feeling.  One is likely to feel nervous, worried, scared, and uncertain, but many people battle with their own guilt at the idea of having to file for bankruptcy.   They feel guilty because society has taught them that when money is borrowed it should be returned.

Irvine based financial attorney Timothy McFarlin, of McFarlin & Geurts, says that few, if any, borrowers facing bankruptcy have to feel guilty.

“It was the lending institutions that brought our economy to its knees,” McFarlin says, “they were the ones who took the excessive risks and they were the ones who always found a way to increase charges, fees, and interest rates.  The majority of people in financial trouble want to be able to pay their bills, but when banks look for any excuse to hike up prices, what else can we expect?  The lending institutions threw straw on the camel’s back and the camel finally buckled.”

Bankruptcy is a consumer protection tool designed to help people get out of debt.  Many people can have much of their debt forgiven by filing for bankruptcy, but many hold themselves back from this option because they feel guilty or ashamed of having to file.

McFarlin explains that people don’t have to feel guilty about bankruptcy because the financial institutions should have focused more on statistics than greed.

“If a person is too much of a risk for a lender, then why would a lender approve a loan?  To make money, obviously.  If the banks would have used phrases like ‘No’ or ‘Would you consider a smaller loan?’ more often, we might not have ended up in this whole mess.  People should make every honest effort to pay their bills, but they should not let their own guilt stand in the way of filing for bankruptcy.”  

About McFarlin & Geurts:

McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California and throughout the United States. McFarlin & Geurts attorneys possess a keen sense of the law and markets, along with an astute business background that is invaluable in bankruptcy and business litigation. The McFarlin & Geurts team includes five leading attorneys and supporting staff to assure clients that their needs are placed at the forefront of any engagement. Legal representation and counseling is critical in our complex modern world, and McFarlin & Geurts is driven by a desire for excellence and commitment to provide quality, personalized service with integrity.

Media Contact:
Talien Barsamian
(888) 728-0044

To learn more about services offered by McFarlin & Geurts Law Firm, visit

www.mcfarlinlaw.com

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