Follow the Money: Why Are Bankruptcy Filings Declining?

Categories: Chapter 7

For Halloween this year, I’m dressing up as a Bankruptcy Attorney because everyone is very afraid to speak to me about taking a bold move in their life by filing for “Bankruptcy”  [Boo!] 

I noticed this odd trend.  Bankruptcy filings have declined so everyone should get excited about our nation’s economic recovery right?  Even the folks over at Bankruptcy Law Network recently made this same observation in their article, Bankruptcy Filings Decrease: Why? Shelter, Food, and Necessities of Life.  They mentioned many factors, but the one that jumped out at me was credit card use.

Well, check this out, credit card delinquencies are on the rise according to CNN Money. I can see you all now, doing your very best to avoid the scary monster, BANKRUPTCY [Boo!]  This reminds me of the lovable furry old Grover in the Sesame Street Book, The Monster At the End of This Book. He did everything he could to convince us not to turn the page, but each time he did, nothing bad happened.

Have a look at one of my prior article about the warning signs you may need to file for bankruptcy and consider that if you’re not currently on the road to saving for retirement because of what ever your story is, then consider it time to take the law on your side and make a bold move before you can’t even afford to do it.  Any time you’re paying money to creditors and sacrificing your well-being, you’re putting yourself in financial slavery.  Stop the insanity!

The longer you wait to turn the page and get your fresh financial start, the more you’ll have to sacrifice.  I can tell you that there is NO monster at the end of bankruptcy. In fact, I get rid of the Monsters [Creditors] from the moment your case is filed.

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