When to Consider the Bankruptcy Option

no moneyBy David John Marotta

Most people want to honor their debt. But many families have allowed their debt to spiral out of control, and they feel helpless, ashamed, and at a loss to know what to do. While bankruptcy isn’t anyone’s first choice, sometimes it is an important choice to consider.

As strange as it may sound, bankruptcy is one of the benefits of capitalism. In traditional cultures debt was passed from father to son. Without the ability of individuals to escape the slavery of debt, they could become slaves permanently. While bankruptcy is unpleasant, it does beat falling on your sword.

For those who are facing desperate financial circumstances, it is better to get profes

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3 Responses to When to Consider the Bankruptcy Option

  1. Minimum Wage says:

    Bankruptcy won’t get you out of involuntary servitude for the rest of your life if you have student loan and/or tax debt.

    And saving 35% is entirely infeasible for someone earning minimum wage.

  2. Zook says:

    Minimum Wage off to ruin another forum. Would you stop already?

    I would recommend this for potential bankruptcy clients having worked for a bankruptcy attorney for a long time now. Give a call to an attorney which i always free to ask questions. You don’t know if you can or should, ask the attorney over the phone. I think to many folks are afraid of asking for help. Even attorney’s are willing to do a free consultation to go over your options, which is like free advice from an attorney that anyone in debt could do.

  3. Minimum Wage says:

    Sorry, Zook, but if millionaires are going to make incorrect (or at least incomplete) assertions about bankruptcy – not to mention ridiculously unrealistic suggestions – I think someone needs to call for a reality check.

    Was there anything incorrect in my post?

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