It appears there is a huge stigma when you talk about bankruptcy. I can’t believe I’m considering it. Most people think bankruptcy is an out for irresponsible people who leave beyond their means, or others who just don’t know how to handle money.
Well… It’s not. From my research the last few days, the #1 cause of bankrutcy is due to medical bills, #2 is business failure. So I guess I fall into Number 2. To this date (Other than my business rent) I have NEVER had a late payment in 24 years! But here I am considering bankrutcy due to overwhelming debt. I’m sure there are many others in this position as well. And we will see even more in the future if the economy doesn’t pick back up.
I need to determine whether I need to file personal bankruptcy, or business bankrutcy, or both.
Tags: bankrupt, Bankruptcy, business bankruptcy, chapter 13, chapter 7, personal bankruptcy