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The New Scarlet Letter
By Phil Andrews, Thu Dec 8th
Nathaniel Hawthorne’s book The Scarlet Letter states in Chapter2, “On the breast of her gown, in fine red cloth, surroundedwith an elaborate embroidery and fantastic flourishes of goldthread, appeared the letter A.” The letter A stood for the wordadulterer and represented one of the worst insults in society.One would have thought that today we are a lot more civilizedthan 200 years ago, but unfortunately it is not true. Societyhas abolished the letter A alright, but it has latched onto anew one, the letter B, which stands for bankruptcy. People donot see it on their chest and think it does not affect them, butit does. is as insulting and as damaging to one’sfinancial, emotional, mental, and even physical well- being asany major failure or stigma. Although lawyers may tell theirclients the stigma lasts 7-10 years, the truth is the stigmalasts forever. Ask those that have been through the process andmost will tell you how rough and hard it is to get a good job,buy a new car or a home, get a promotion at work, or even leasean apartment. In certain industries, also meansinstant termination from work. The pains and agonies ofbankruptcy will not just end there. Financially the person ishaunted with higher interest rates, higher down payments, andoutright rejections for many years to come. Emotionally andmentally the person has to endure constant refusals that affectmorale, self-esteem, and self-respect. Eventually,
the stresscould potentially affect the person’s health. Mental stressincapacitates numerous people each and every year and thenumbers are staggering. How does one avoid questions on applications such as this one:“Have you ever filed for bankruptcy?” Please note, it does notsay, “Have you filed for in the last seven years?”The way to avoid such applications is usually by walking awayfrom them. In other words, by allowing doors to be closed inone’s face. The bottom line is, has a very realdownside that is likely much worse than any postive short-termresults. Many consumers are unaware of these potential pitfallsassociated with bankruptcy, as countless attorneys often paint arosy picture. Our Advice: Avoid bankruptcy, at all cost, and only as theabsolute last possible resort. Weigh your decision carefully. Werecognize there are certain circumstances where istruly the best option and there may be times where it’s the onlyoption. One should not use as an option simplybecause it is “easy” or seems to be a quick solution.
For more information, go to http://www.PreceptFinancial.com About the author:Phil Andrews is currently the VP of Business Development forPrecept Financial Solutions, a leading debt settlement companybased in Dallas, Texas.
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