Bankruptcy: An Acceptable Resolution For Financial Strife
By Douglas Jacobs, California Bankruptcy Attorney on Jan 4, 2009 in General Bankruptcy Information
Just “walk away.” That’s the title of a recent Newsweek article by Jane Bryant Quinn, normally a conservative financial writer. The article recommends filing for bankruptcy in some circumstances, and doing it sooner rather than later.
Ms. Quinn discusses the humiliation often associated with filing for bankruptcy and points out, correctly, that that the purpose of getting a “fresh start” is to stop self-blame and helplessness and give yourself a second chance.
Most people contemplating filing bankruptcy are at the end of their rope and there’s little else they can do to right their economic ship. But filing for bankruptcy isn’t the end of the world – it’s a new beginning, and in this era of financial crisis, rising unemployment and decreasing house values, it may be the best thing to do.
In her article, Ms. Bain quotes University of Iowa law professor, Katie Porter, noting that most people struggle longer than they should before filing. Also quoted is Harvard Law School professor, Elizabeth Warren, advising to time the filing of a bankruptcy carefully.
The bottom line of the article: filing for bankruptcy will get you a fresh start and help you reestablish a healthy credit score sooner rather than later. If conservative financial columnists are encouraging filing bankruptcy it’s obviously time to recognize that it has become the most acceptable and reasonable way to deal with a personal financial crisis. If you’re heading in that direction, don’t wait too long: find a competent bankruptcy attorney now to speak with about your situation.
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