There’s a surge in personal bankruptcy filings at the moment, for
obvious reasons. Some 30,000 Americans are filing each week, and the figures
could top 1.4 million for the year.
But too many people are talking about bankruptcy as if it’s a sign
this country’s social safety net has failed.
It isn’t. Bankruptcy is part of the safety net. Other countries have
welfare states, America has bankruptcy.
Every middle class family should be aware of the risks of bankruptcy, and
how to protect their assets if the sky falls.
Bankruptcy laws are complex and vary from state to state - if you want
to make substantial plans you should probably talk with a lawyer in your
state who specializes in the subject.