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June 14th, 2010 @8:43 am  

Bankruptcy isn’t the only way to clear up your finances. Most of the time it is your last option. An experienced financial planner, attorney, or industry specialist can help you pick. Get multiple opinions. Also, plenty of firms offer free consultations or free advice. Take it! if you’re trying to receive a feel for what’s best for you.

July 14th, 2010 @2:45 pm  


I’m going to take a little bit of a different approach to you on this topic. As you can tell by my username, I’m on the other side of this coin. Our firm has literally seen thousands of people file bankruptcy with our services. I agree, the decision to file bankruptcy shouldn’t come easily. However, I’m not sure that for most people considering bankruptcy selling some clothes, books, etc. will make much of a dent in their debt.

The reality of the situation is that creditors nowadays are almost impossible to work with. They refuse to work with people until they are several months behind on their debt. At that time they will allow for a new payment plan but that, too often, is still an unreachable amount for most people suffering severe financial debt.

Bankruptcy is not everyone and, again, you are correct when it should be a last resort. However, people shouldn’t give up all that they own and have the stress of being able to put food on their families’ table because a credit card raised their interest rate 250%.

I would suggest that someone weigh all of their options. Any decent bankruptcy lawyer should give you a free consultation. Once you have all of the information then begin to make decisions. I would definitely suggest people do not sell property or pull money from retirement accounts, etc. before fully understanding their options. I would like to think that most bankruptcy attorneys would tell you if bankruptcy wasn’t in your best interest.

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March 31st, 2011 @1:58 am  

too often, is still an unreachable amount for most people suffering severe financial debt.

April 8th, 2011 @4:59 pm  

I agree, bankruptcy should always be a last resort as the decision to declare yourself bankrupt will effect the entire future choices that you will be able to make. However, I do feel that in some cases bankruptcy is the only option that some people have.

January 9th, 2012 @2:24 am  

Individuals always want the easy way out in almost all situations that’s for sure. Although it’s definitely different strokes for different folks, there are certain solutions that work for some but not for others. Bankruptcy can truly be avoided or given solution to, with the right advice and attitude.

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