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?

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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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