Debts and Suicide

Money problems can put a strain on our lives.  Over the years, I have had many people confide in me that they had contemplated suicide because of their debt problems.  There are countless articles about debt problems being the cause of suicide. I try to reassure people that there are options out there to handle debt problems, namely, bankruptcy.  Filing a bankruptcy may seem like the end to some, but it is designed to be the jump start you need to get a fresh start in life.

Increases in Debt-Related Suicides

The Farm Industry

I recently read an article in the New York Times that stood out to me, which highlighted the increase in suicides among dairy farmers in New York State. New York is the third largest milk producing state. The situation has become so serious and grim that a local farm support group has started running suicide prevention training for people in the industry.

Many of these family farmers feel a since of hopelessness due to the continued decrease in milk prices and their inability to make a living, pay their debt, and hold on to their family farms that have often been in their family for several generations. The article also highlighted a family who sought the protection of bankruptcy which helped them restructure saving the farm and turn it around.  Luckily, they sought the help of a professional and decided against suicide.

Student Loans

With the student loan debt crisis unfolding now, I ran across several articles where people took their own lives due to owing student loans. Bad financial choices in the past do not enslave us to a life in debt. Any person, no matter how prepared they believe they may be, can be struck with bad luck or unforeseen emergencies. We cannot predict car accidents, heart attacks, cancer, or the death of a spouse or child.

 

The bottom line is that you are not alone, and the struggles with debt can be very stressful and harmful to your health.  Bankruptcy may be the answer to your debt problems.  Suicide is not the solution to debt problems.  All of our Bond & Botes offices offer a free consultation with compassionate attorney to discuss your finances and go over all of your options, bankruptcy and non-bankruptcy.