Should You File For Bankruptcy? By Kathleen Munden


Making the decision to file a bankruptcy case is very difficult and confusing for most people. To make matters worse, there is so much misinformation about bankruptcy, both in the press and among the public, that most people have no idea where to find real answers to their bankruptcy questions.

Recently, I was watching the “Today” show and heard that an upcoming segment would address bankruptcy. I looked forward to hearing what Carmen Wong-Ulrich, a financial reporter for CNBC, had to say. I was deeply disappointed to hear her say that in a Chapter 7 case, “you lose all of your assets.” That is completely uncorrect, yet millions of Americans now believe what this “expert” said on national television.

However, there is some good, accurate information available, and I recently found an excellent article on the U.S. News and World Report website. The author, Kimberly Palmer, interviewed several bankruptcy attorneys, and in particular quoted Carey Ebert, president of the National Association of Consumer Bankruptcy Attorneys, who is a bankruptcy attorney and Chapter 7 trustee in Hurst, Texas. Those attorneys offered the following tips.....

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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