Is there life after bankruptcy? Yes, but . . .
Be careful. You get a fresh start, and you get to use it wisely.
Professor Katherine Porter of the University of Iowa School of Law recently found that one in four debtors was struggling to pay routine bills, and one in three debtors reported an overall negative financial situation, one year after bankruptcy. She believes that this was mostly due to unavoidable unemployment, illness, injury, or old age.
The bright side is that the VAST majority of debtors took advantage of their fresh start and maintained financial strength. That is good news, indeed.
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