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Monday, July 25, 2011

Filing for Bankruptcy?

As consumer debt has skyrocketed to over $3 Trillion, many believe the only way out from under the mountain of bills is to declare bankruptcy. But is it really right to declare as such? Many myths persist to misinform the public.

Probably the worst myth about bankruptcy is that you need to be flat broke before you should file,” says Sacramento bankruptcy attorney Gerald B. Glazer. “It is not good to wait until creditors are knocking on your door,” according to Glazer. Planning can prepare you for a bankruptcy that causes the least amount of financial disruption.

With such statement, any businessman who can relate should do something before things get worst.

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  1. So are you suggesting people should file for bankruptcy if they can see the handwriting on the wall?

  2. Well, I guess Ma'am, our instinct should tell us so :) If there are no other means then maybe that's the right time.


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