Bankruptcy Laws Giving Life a Chance
October 30, 2008 8:27 am BusinessA person who will never be able to pay off debt should file for bankruptcy and comply with bankruptcy laws. Their creditors will never be paid anyway; so what is the point of delaying the inevitable?
There are many and varied legitimate reasons why a person ends up in terrible financial trouble. Death of a spouse, divorce, severe illness, natural disaster and unemployment are the ones that spring to mind first.
Financial recovery from these situations is not always possible, no matter how good the intentions of the one in debt. Life is messy. We don’t always get what we want or expect.
However, a person who files for bankruptcy once should never be allowed to file again. Instead, credit counseling should be sought and the individual educated in ways to avoid the possibility of another future disaster.