Bankruptcy stigma: Perspectives of older and younger generations

September 27, 2010
>> Bankruptcy

There’s a thoughtful article by Gene Turnwald (a Lansing, MI attorney) about how Americans 65 and older view bankruptcy differently than the younger generation of 30 and 40-somethings.

He notes how the younger generation views bankruptcy as a calculated business transaction. Those 65 and older, on the other hand, tend to take it more personally and feel a greater degree of shame. They don’t want their children to know, especially since their sacrifice for their children may be connected with their current financial situation. Turnwald says:

Many would rather endure the bill collector’s calls, letters, lawsuits and garnishments than have a bankruptcy label attached to their names.

It’s difficult to tell someone how they should or shouldn’t feel with regard to bankruptcy. Money and finances have so many psychological nuances and undertones for each of us as human beings, and each of us has our own unique relationship with money.

However, I think Turnwald is on target when he questions how you can blame the younger generation for seeing bankruptcy in a more distant, practical way. The lending process has become so complex, so disconnected and in some ways morally ambiguous, that it’s hard to feel justified lecturing the younger generation on how they should or shouldn’t deal with debts in the current age. Especially given that so many things seem to be shifting underneath our fee these days, from interest rates to the economy as a whole.

This is not to say that individuals shouldn’t feel an obligation to pay back their debts. But we’re also a long way removed from the days of local banks in communities where everyone knew each other felt connected to each other.

If you have questions about bankruptcy–whether legal, philosophical or moral–please feel free to contact me for a free initial consultation.

Contact Bruce Weiner, Esq.

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