More follow-up on Post-Pink Slip Financial Planning talk: Pros & cons of bankruptcy
Continuing with still more follow-up from Thursday’s “Making the Most of Your Money: Post-Pink Slip and Beyond” presentation at the Network for Work meeting…
Photo by Tomasz G. Sienicki
Look familiar?? Today’s gloomy-yet-again weather presents the perfect backdrop for another question I was asked after the talk: “What are the pros and cons of bankruptcy?” While this is not an area I’m terribly familiar with, I always more or less operated on the assumption that any pros were more than offset by the cons, that the situation for consumers had only worsened after the 2005 changes in bankruptcy law, and that bankruptcy was something to be avoided like the plague.
That’s all probably more or less true but, having said that, there are obviously situations where bankruptcy is unavoidable, and a pink slip could certainly be the triggering event to start someone’s financial situation moving in that direction. This write-up on the American Bar Association Web site outlines both the positive and negative outcomes of bankrupty, as well as some alternatives, for those who find themselves in this situation. You’ll also find a more detailed discussion — the what, whether, and how of the topic — on nolo.com.
(Note: I promise to be more cheery tomorrow, especially if the sun shines!)
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