Latinos, in general, we are hardworking people, believers, and proud of our culture, our family and our effort. This added to the fact that in most of the Caribbean countries, as well as in Central and South America, banking and financial laws work very differently from how the laws work here in the US. And it is for these reasons that for Hispanics, declaring bankruptcy is almost traumatic, since they feel that declaring bankruptcy is accepting that “they are a failure”, and it is something shameful. This is a serious problem for our community, because what is shameful is not discussed openly, and this makes us believe in tales of friends and rumors. Shame and ignorance often lead us Hispanics to seek professional help and advice too late.

In contrast, US-born entrepreneurs, for example, see bankruptcy for what it is, a legal tool at their disposal. It is NOT anything illegal, immoral, it is NOT an abuse of the applicant, nor a family shame, IT IS A TOOL THAT THE GOVERNMENT PROVIDES for reasons that have been measured and studied. I think one of the best ways to explain this idea to Hispanics is that bankruptcy law is like immigration law, you apply because you think you qualify, and if you qualify, benefits are granted. With the difference that it is much easier to apply for bankruptcy than to apply for a visa. But you as an immigrant do not feel ashamed of having to apply for a visa to the US, leaving your country for a better future, likewise there is nothing shameful in applying to bankruptcy law, quite the opposite, in many cases it is very wise . But ask all the successful and millionaire people who have applied to bankruptcy in one way or another.

Of course, it is better to never file for bankruptcy, no one has a goal of applying for bankruptcy, but if your financial situation is not good, and the numbers simply do not pay off your debts, if you have had an event in your life that makes it very difficult to get out of the hole you are in, it is very wise to make the decision to evaluate your situation with an expert and then apply for bankruptcy BEFORE you can not pay your bills and the collectors call you every day and your credit is sink with negative marks for not paying. And if you are already in this situation, then it is still important that you take action as soon as possible, because each month that passes and you do not make a decision that solves the problem, it is worse. You have the obligation to care for and protect your family, without doing anything illegal, and if that were not enough, the government of the United States wants and needs you to be financially successful, so that it continues to move the economy of the country. The government of the United States gives you the right and the opportunity to start over financially and get out of your debts, so that you and be successful, it is not you who denies the opportunity to get ahead, let it be the government itself, or your bankruptcy attorney, to tell you whether or not you qualify for bankruptcy. I personally admire the people who, through bankruptcy, managed to get out of financial problems that seemed to have no solution, and now again have good credit, a business, or are buying a house for their family. The US is a generous country full of opportunities, where, without a doubt, knowledge of the available laws has a lot of power.