In This Chapter
◆ The types of bankruptcy
◆ What bankruptcy will and will not do for you
◆ Recent bankruptcy law changes
◆ The hidden cost of bankruptcy
If there is a dirty word in the financial planning world, it’s bankruptcy. Utter it loud enough for people to hear and people will look up to see whose dealing with it. It’s kind of like how people slow down to look at car accidents.
For some, filing for bankruptcy is the ultimate admission of financial failure. It can feel like saying, “I’ve acted irresponsibly, can’t handle my bills, and now need a financial restraining order against my creditors.” For other people, bankruptcy is a way of life. It’s a get-out-of-jail-free card that they are more than happy to use every ...