Did you know that more than 500,000 people have already filed bankruptcy this year (according to the National Bankruptcy Research Center)? The number of bankruptcy filings continues to increase as people continue to struggle to find steady work. As the increasing number of bankruptcies redefines bankruptcy as a more common situation for the typical American, the stigma associated with it is decreasing. However, bankruptcy is still a troubling topic for many Christians.
If, as Psalms 37 says, “The wicked borrow and do not repay,” is filing bankruptcy a sin? Is considering filing bankruptcy wicked?
No, while bankruptcy should be treated as a last resort, it is a viable option for Christians and non-Christians alike.
Determining if Bankruptcy is Appropriate for You:
Do you have other choices?
We all have a responsibility to provide for our families, even if “family” is just you on your own. If you have sought help and guidance for your financial troubles, worked with your budget as much as possible, turned to family and friends for help and advice, and negotiated with your creditors, but you’re stuck in an impossible situation, bankruptcy may be necessary to take care of your family. Living in fear of lawsuits filed by creditors or garnished wages is not a good solution.
Do you take responsibility for your debt?
In many cases, difficult situations precede overwhelming debt, situations like divorce, health issues, unemployment, death of a loved one, etc. Take a hard look past the overwhelming “difficult situations” and try to identify the smaller things that could have been done differently to avoid the financial upheaval or lessen the problem. Is there anything you could have done differently that may have been helpful?
Have you taken steps to avoid similar issues in the future?
Identify things you wish you had done that may have helped you avoid the current financial situation, and make those changes now. For instance, if you didn’t use a budget to control and monitor spending before getting in debt, put one in place now. If part or all of your debt was due to credit card spending, make a decision not to use credit cards at least for a time and then follow through on the decision.
Owning up to the situations and actions that led to the current situation allows you to take steps to avoid similar problems in the future. And bankruptcy provides the fresh start you need right when you need it the most.
For a more in depth article about whether a Christian may file bankruptcy, see the article written by Mr. Rannick on the subject: www.bankruptcychattanooga.com.
If you need to file bankruptcy, don’t hesitate to call Kenneth C. Rannick P.C., Tennessee and Georgia bankruptcy attorney. We help good people through bad times.