Should I File Bankruptcy?

No new reasons for the increase in bankruptcy filings, now expected to top two million for the year.

Business failure and job loss top the list of reasons to file for bankruptcy.

Bankruptcy filings are skyrocketing again, due to the recession.

Which is worse here in Michigan, which has much higher unemployment than the national average.

Again, not a mystery.  People file bankruptcy because they do not have the money to pay their bills.  Sounds like something the government would pay millions of dollars to study.

Like the people I talk to all the time, the people in the google news story tried everything.  They put all their money into keeping a business going, borrow money on their credit cards, cash in 401k or other retirement accounts, borrow money from relatives.

Creditors cannot get your 401(k) account, in or out of bankruptcy.

We keep thinking things will get better tomorrow.

I tell people, the sand dune was built one grain of sand at a time.  You did not think you were moving the whole beach, but one day, you look up, and there it is, a mountain of debt.

The only way out is to look at the mountain.  To pretend it is not there, that it will wash away tomorrow, does not work.

Bankruptcy laws are there to provide a fresh start.

Bankruptcy is in the Constitution, it goes way back, just like recessions and business failures and divorce and medical bills.

One definition of insanity is doing the same thing, over and over, and expecting a different result.

Have you been borrowing your way out of a debt problem?  Robbing Peter to pay Paul?

As Dr. Phil would say, how is that working out for you?

Is the debt problem gone, or is your 401k gone?

I am so sad for people who cashed in retirement assets that are exempt from creditors before contacting me.

Don’t let your problems get worse, get expert advice now.

Should I File Bankruptcy?

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