When is Bankruptcy the Right Choice?


In today’s economic climate, an increasing number of people are discovering their incomes are no longer enough to pay for their debt and essential expenses. Hundreds of companies are outsourcing work and laying off workers every week.. not to mention encouraging workers to resign from their jobs so that employers can avoid paying unemployment benefits. If you’ve been downsized, laid off, or forced to take a cut in pay, chances are good that you are struggling to make ends meet.

There comes a breaking point for most people when, after making every effort to keep the lights on and the repo man out of the driveway, they contemplate giving up and filing bankruptcy. Still, declaring personal insolvency is a touchy subject – for many people, it feels like a personal failure. But are there times when bankruptcy is the right choice?

LOADING PDF: If there are any problems, click here to download the file.

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.

© Jay Fleischman, Shaev & Fleischman LLP | Attorney Advertising

Written by:


Shaev & Fleischman LLP on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.