This is a good article from the Wall Street Journal regarding filing for bankruptcy. A few important excerpts from the article:
There’s a surge in personal bankruptcy filings at the moment, for obvious reasons. Some 30,000 Americans are filing each week, and the figures could top 1.4 million for the year.
But too many people are talking about bankruptcy as if it’s a sign this country’s social safety net has failed.
It isn’t. Bankruptcy is part of the safety net. Other countries have welfare states, America has bankruptcy.
And some additional good advice:
Every middle class family should be aware of the risks of bankruptcy, and how to protect their assets if the sky falls.
Bankruptcy laws are complex and vary from state to state - if you want to make substantial plans you should probably talk with a lawyer in your state who specializes in the subject.
