Has the stigma of Bankruptcy subsided?

Based on 15 years of practice and hearing what my clients have to share, my answer is yes. The same answer goes for people who ask me if it is easier to recover, get a fresh start and bounce back. 15 years ago it may have taken a Bankruptcy client 1-2 years to obtain credit. Recently, I have had clients who have received credit offers within a month of filing a bankruptcy. I am not advocating this practice, I am bringing this up because my clients call me totally confused and ask me what is going on, what is the trick? I explain to them that one of the benefits of filing a bankruptcy is debt elimination. They are essentially born again financially in the eyes of some creditors and keep in mind, by being debt free they are little risk to creditors now. This leads to another discussion, but the point is, filing Bankruptcy I believe has less of a stigma and negative consequences than 15 years ago.

Sherry Ellis