Bankruptcy is a tool that is used quite readily by big business when it’s looking for protection. In an even bigger example, countries like Greece and Ireland that have looked to the international community for help are really going through a form of Chapter 11 bankruptcy. Debt payments are brought under control while the nations try to trade their way back to profitability. Here in the U.S., there are even municipalities that are declaring bankruptcy and filing under a special Chapter 9 petition. With big economic entities filing for bankruptcy, there’s certainly no shame in an individual following suit when needed.
Shame is one of the most common reasons used for not filing for bankruptcy. Yet in many cases, bankruptcy is the one opportunity people have to either start afresh or to work their way through their financial difficulties. Why suffer a wage garnishment when you can have the debt wiped out through bankruptcy? Wage garnishments often place further strain on finances making life almost impossible.
In 2009, ten municipalities filed for bankruptcy. In 2010, that number dropped to five. This year, we have seen both Harrisburg, Pa. and Detroit, Mich. toy with the idea of bankruptcy. We have seen large corporations file for Chapter 11 protection on a daily basis while tens of thousands of U.S. citizens file their petitions for bankruptcy each month.
There is one message that comes from these statistics – bankruptcy has become very commonplace. Being underwater in debt does no one any good, and there is a good argument that suggests the sooner those underwater escape their debt and restart their lives, the sooner the economy can start to rebuild. If you’re underwater in debt, talk to a bankruptcy attorney – you’ll be joining many others, and giving yourself a chance for a new start. If a whole country, a whole town, or a large company can file for bankruptcy, then so can you if you need to.
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