Bankruptcy Filings Up 2010

Bankrutpcy filings for 2009 were up 33% from the previous year and 2010 is looking to top that number. With the current job outlook and debt problems families are having it seems as though people are running to the bankrutpcy lawyers for a quick solution. But I’m finding that these same families are falling into the same trap all over again.

They get ride of some debt by filing bankrutpcy and the loan companies and credit card companies start offering them credit again. So they end up taking it and falling into a debt trap again. But this time they can’t file bankruptcy for another 7 to 10 years. So they are literally trapped!

My advise is simple…don’t file bankrutpcy unless you have no other choices. Set up a budget and start paying down your debt. It might take some time but you’ll learn that money needs to be treated a certain way to work for you, rather than for the people that are professionals at getting you to spend it.

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