When we all head off to our Independence Day barbeques and backyard banquets, we will be continuing an unbroken annual celebration that began 244 years ago, on July 4, 1777. We celebrate freedom in many ways. Bankruptcy can be your path to financial freedom, for example.

Seventeen-seventy what now? 

Most people assume the summer holiday started in 1776, but that's not so. The Declaration of Independence was indeed adopted July 4, 1776, but the big ol' party did not kick off until the following year, when Philadelphia marked Independence Day by adjourning Congress and celebrating with bonfires, bells and fireworks. 

Some people insist on calling the holiday “the Fourth of July,” but every country has a July 4. Only America has its Independence Day on that day, and the holiday officially goes by that name, says the Library of Congress. And just as most people misunderstand the holiday, they also misunderstand bankruptcy. 

Let Financial Freedom Ring

Bankruptcy can be many things: a salvation, fresh start, safe harbor, serenity, or protection. Yet bankruptcy is also not some things: it is not immoral, illegal, or shameful. Let's take a look at each argument against bankruptcy so you can see how it truly is a path to financial security and freedom. 

How about the “bankruptcy is immoral; you should honor your debts” argument? Bankruptcy is actually honoring your debts because you are putting your creditors on notice on how you are handling your debts.  They know that they can write the debt off and there is no need to sue you in order to collect the debt.  And if they have already sued you, they know that they are required to stop the lawsuit process.

Bankruptcy is certainly not illegal. Texas courts routinely discharge millions of dollars in debt through Chapter 7 and Chapter 13 personal bankruptcies every year. It is legal, ethical, and practical. Bankruptcy is one of the few legal protections individual Texans have against financial ruin. 

Why feel shame in seeking financial freedom? Bankruptcy is no more shameful a legal process than filing for a wedding license, adopting a child, or searching a title on a property. You may be facing financial peril through issues beyond your control:

• Job loss or reduction in hours
• Having to pay for your own health insurance
• Unexpected medical bills
• Financial setbacks from scams, fraud, or being a victim of a crime
• Lingering effects of the devastation brought by COVID-19
• Trying to help everybody else until you are in financial trouble yourself

You have no reason to look on bankruptcy as anything less than a path to a fresh, strong financial future, one that keeps you secure in your personal property, house, papers, and effects (as described in another beloved document, the U.S. Constitution).  The Page Law Firm is the no shame, no judgment zone.  

Real Freedom

Don't get us wrong. Bankruptcy is not the first answer to a late car payment. In fact, it's usually not the ideal solution for a wide range of financial challenges. 

You don't think our Founding Fathers chose as their first solution a declaration of independence and a seven-year war to secure that independence? Nope. Any visitor to such places as Colonial Williamsburg or Independence Hall learns about all the other solutions: addressing grievances to governors, to the king, asking for fair representation, petitions for relief, and on and on. 

The same is true with bankruptcy. When used carefully and wisely, it really is a key to financial freedom. By placing yourself in the hands of an experienced, Texas bankruptcy attorney, you can protect:

• Your home and personal property from being foreclosed or seized
• Your sanity, by staving off debt collectors
• Your bank accounts, by helping you manage debt and repay it without suffering
• Your children's futures, by securing future funds for their higher education

Your children (or you) may have been asked at some time in their schooling to write a paper about “What Freedom Means to Me.” What does it mean to you this Independence Day? Does it mean getting out from under bills, putting an end to debt collector calls, and stopping wage garnishment? Does it mean getting that clean slate, that do-over for your financial future? The Founding Fathers were brave to write their declaration. Give yourself permission to be brave: get in touch with a bankruptcy attorney. But you can wait until after that barbeque.  

At The Page Law Firm, we invite you to contact us with your questions about bankruptcy. This Independence Day, and every day, should be a day you greet with a smile. Let us help to put that smile on your face. To schedule a complimentary strategy session with a Frisco, Texas, bankruptcy attorney, please call 214-618-2101 or email us directly at [email protected].