We feel it is important to make a point of talking about how the bankruptcy process can be positive for those who are struggling financially.
As human interest stories are attached to every single Olympic event this week, it should be no surprise that somewhere in those stories there’s a tale of bankruptcy, and how it was one person’s saving grace.
Thankful for the Bankruptcy Process
Many Americans fell in love with Gabby Douglas this week, the 16 year old gymnast who’s taken the competition by storm. As Douglas has enjoyed tremendous success, it’s been revealed that her mother, Natalie Hawkins, is currently in the bankruptcy process (Chapter 13).
While most news outlets might treat this fact as scandalous, it’s wonderful to see that Natalie Hawkins has such a positive perspective on the bankruptcy process. She was quoted saying, “I’m not even embarrassed about it […] I’m glad there was something there for me to be able to protect my home.”
In a time where so many people might feel embarrassed about having to file for bankruptcy, hearing Hawkins’ perspective is like a breath of fresh air. This is exactly what bankruptcy is designed to do. The process isn’t supposed to harm an individual’s future prospects. Rather, it’s supposed to give those who are struggling a new hope.
Chapter 13 is especially helpful for people in a situation like Hawkins’s. Under the Chapter 13 process, Hawkins is able to prevent foreclosure on her home. It’s important to remember that bankruptcy is a lifeline. We’re thankful that Gabby Douglas’s success has brought this positive light to the bankruptcy process!