The Philadelphia Inquirer
By Gail Marks-Jarvis
Personal Finance: Bankruptcy is No Longer a Doomsday
A lot of people in this country, and in this region, are in financial despair. Bankruptcy can be a method to alleviate some of the pressures that people are facing. As Ms. Marks-Jarvis put it, “bankruptcy does not ruin your life.” When considering bankruptcy, timing is ever important. Try avoid waiting to file until your car is ready for repossession, your wages or social security payments are garnished, or your house is on the steps of foreclosure.
Lastly, Ms. Marks-Jarvis points out that life exists after bankruptcy even after bankruptcy. Many individuals are able to obtain “a home loan two to three years after coming out of bankruptcy.” Also, credit cards are another possibility. With a strict focus and careful habits after your case is closed, these luxuries that were previously considered part of daily existence can again become available.
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