Bankruptcy: When All Else Fails…

Brian Kilroy — Fri, 07 Sep 2007 12:15:00 -0400

Women going through divorce are financially vulnerable, may already be in debt, or find themselves in debt just after a split. Declaring personal bankruptcy can be the first step toward re-establishing financial solvency.

Bankruptcy rules and the social reaction to filing for protection have changed dramatically over the years. In the past, most of us knew only a few who had filed, and we knew fewer yet who had actually been "discharged" (approved). Those who went through the process typically kept it quiet.

The shroud covering the subject started to lift in the 1990's, when it seemed everyone was filing. Bankruptcy knows no boundaries — employment status, race, gender, and the like just don't seem to matter. We're all affected by it.

During the 90's, access to consumer credit flowed like never before. Personal debt increased significantly. Many believed the booming gains of the housing and stock markets would continue indefinitely. When the stock market "corrected" in 1999, severe problems started to surface.

First Wives World - Bankruptcy: When All Else Fails… - Comments

Bankruptcy: When All Else Fails…