Many people feel embarrassment around filing for bankruptcy. If they do file, they may still try to limit who finds out. Even close family members or longtime friends may never know that they took this step.
If you are considering bankruptcy and are reluctant for others to know about it, then it is reasonable to consider that there are others you know who are in, or have been in, that same situation.
The reality is that bankruptcy filings are up. Recent data shows a 12% rise in consumer bankruptcy from 2024 to 2025. As the cost of living continues to rise, those figures will likely do so too.
Getting over any embarrassment may be crucial to forging a better future
If you do feel embarrassed about filing for bankruptcy, it’s worth taking a look at some of the people who are now considered very successful who have bankruptcies in their past – either personally or for their business. These include Walt Disney, Henry Ford and financial guru Dave Ramsey. The current U.S. president had had multiple businesses bankruptcies, and Elon Musk has said his companies have come close to it on several occasions.
It does not take much to tip someone over the financial edge. Losing a job, experiencing a medical emergency, rising interest rates on a mortgage or just wages that fail to keep up with the cost of living can all cause it.
If filing for bankruptcy can allow you to build a better future, then it is something that is worth carefully considering. Getting experienced legal guidance is a good place to start.
