Written by attorney Jonathan C. Ginsberg

Is it Morally Wrong to File for Bankruptcy?

Unexpected #debt crises can happen to anyone and during the past 25+ years I have spoken to potential clients from every walk of life. I have consulted with construction workers, nurses, machine operators and telecommunications systems analysts. I have advised physicians, engineers, accountants and business owners. I have consulted with college students and retirees.

None of the potential clients I have met, or clients who have retained me were happy about the idea of filing bankruptcy. As Americans, we are an optimistic people. We see opportunity and relish the entrepreneurial spirit. Bankruptcy represents a step backwards and a very real wake up call that something needs to change.

For many people, and perhaps for you too, the idea of not paying back a debt that you have incurred is morally wrong. While this sentiment is valid, I think that it considers only half of the story.

Creditors - and this is especially true for unsecured creditors - charge interest rates high enough to guarantee their profit and to account for a certain percentage of default. In some cases, interest rates and penalty payments are so high that default is almost a given. I have seen many account statements in which my client has paid the full principal back plus interest but still owes thousands. I see no moral issues with discharging debt that edges into usury territory.

Further, and I discuss this in this video, #bankruptcy can help you refocus your resources on saving for retirement rather than paying endless interest to a credit card company. In my view, you benefit yourself and your fellow citizens by saving for retirement rather than foregoing long term savings to pay short term debt. #atlantabankruptcyattorney #chapter7bankruptcyatlanta #chapter13bankruptcyatlanta #ginsberglaw #jonathanginsbergattorney #eliminatecreditcarddebt

===========FREE CASE EVALUATION========== If you would like me to analyze your finances please contact me at

===============CONTACT ME================= Jonathan Ginsberg Atlanta Bankruptcy Attorney Website: Facebook: Telephone: 770-393-4985

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