It will never be a popular a losing weight, but filing for personal bankruptcy (and otherwise getting one’s financial house in order) is often a popular resolution at the start of the New Year.
Here are a couple of different takes on the idea of a resolution. First, California attorney Cathy Moran offers up the wisdom of Bishop John Vincent, pictured above. Cathy’s site is more geared to practicing attorneys who are handling bankruptcy cases, but hey, attorneys have to make their resolutions, too.
Next is attorney Dana Wilkinson, who offers some practical advice on whether filing a bankruptcy case makes a practical resolution.
Some of Wilkinson’s advice: check the “rule of five to seven.” If you have no definite workable plan for paying off all debts in that time, bankruptcy is worth considering. Also, check to see if you have any savings. Nothing in the piggy bank is a red flag because committing all your income to debt service is a proven recipe for disaster.
By Doug Beaton