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No More Mortgage on the stigma attached to bankruptcy.

The term bankrupt comes from an Italian word which when translated means ‘broken bench’. An early Italian custom supposedly warranted breaking the benches or tables used by bankers and moneylenders whose businesses had failed.

American and British laws divide bankruptcy into two major categories, voluntary and involuntary. Voluntary bankruptcy happens in case where a debtor pleads to be declared bankrupt. Involuntary bankruptcy happens in a case where a debtor’s lenders or creditors, the people or businesses that are owed money, ask the debtor to be declared bankrupt.

Although there have been record numbers of bankruptcy over the last several years, prior to that there was a much more pronounced stigma attached to those who have gone through personal bankruptcy. Business bankruptcy doesn't appear to have had the same degree of stigma at all.

For someone that has gone through the process of bankruptcy, the stress can be overwhelming. By the time you are ready to hire an attorney to declare bankruptcy, you may have gone through months or even years of harassing phone calls from creditors. Those calls are often from people that treat you very disrespectfully and in some cases may have even threatened you in different ways. They will threaten to ruin your credit, levy a judgment against you, or garnish your wages. You can feel pretty demoralized between the phone calls and the letters you receive. It can crush your self worth.

When bankruptcy was not as common, many people would look at you as untrustworthy, high risk, selfish, undisciplined, even shameful. Their actions toward you made you feel the stigma associated with bankruptcy.

Now as bankruptcy has become more common it has also become more accepted. Part of that may come from the overwhelming amount of the marketing of credit to Americans. Many have been seduced by easy credit which they let get out of hand until debt took control of their lives. And the new start given to you by the protection of the law and discharge of the debts is well known now.

At No More Mortgage, our goal is help you get on track financially and avoid the possibility of bankruptcy.

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