Monday, June 20, 2011

Top Bankruptcy Myth

Bankruptcy may not really mean bankruptcy. A neighbor of mine, whom people in Singapore know he is bankrupt has a car to use. Why? because his wife isn't bankrupt. Anyway, came across this expert US site on bankruptcy: Sacramento bankruptcy attorney.

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 right for you? 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.

Indeed, planning for bankruptcy should be better than being forced into bankruptcy.

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