Is bankruptcy the answer to financial hardship?

The trick is to continue to take on more debt until you owe so much money that your creditors have no choice but to hire someone clever to figure a way to bail you out. You know you've hit the big time when the government is forced to bail you out :)

No I don't know how to make sure that it happens that way. Feel free to call this a stupid answer and mark it accordingly :)

It is one remedy for debt... but debt is only a byproduct or a symptom of the real problem... Money Management.

If a person cannot manage their money they will go in debt and cannot get out. Many people after bankruptcy will end up working their way back into huge debt because they don't solve their underlying problem of spending beyond their means.

In a society where it is common, even encouraged to spend beyond your means by means of credit you can get from everywhere, it is very easy to fall into that trap.

There are some very good books out there for getting out of debt without bankruptcy that address spending habits. This means stopping the waste in its tracks then helping you dig your way out effectively giving you a better sense of accomplishement and discipline than filing for bankruptcy.

In some cases like some have said.

I know some who were "In-between" jobs, had a heart attack and that screwed them to the wall.

Try paying a $150,000 hospital bill with $20K a year income and then add interest, collection calls harassment.

Those types have little recourse.

As for me, I got into debt (My fault I admit it) but I could easily pay it..Until my company laid me off...Then began the slow cycle of downward destruction.

I acdept it as my fault, but I will be sure to BK out before I give an effing DIME to the scum who buy up the "Notes" from the original creditor for pennies and expect me to pay them thousands.

Scum..Just low life scum!!

It really depends on the situation. There are many different levels of hardship. There are also many different types of people. I don't think bankruptcy is the answer for everyone, some people manage to get out of debt (with a lot of hard work) on their own and others are just too in debt to even make ends meet. I think for people who are in the second situation bankruptcy might be the only way out but it isn't the answer for everybody.

Bankruptcy is one answer. It is not the only one in 99% of the time. It should always be the last answer. Consult with a credit counselor or a trusted friend who is responsible with money. Often the best solution if done in time is to modify your lifestyle if possible to come within your means. Begin to slowly pay down the debt and stay in touch with your creditors to inform them that you are taking action.

Its an answer, but not always the right one.

Bankruptcy is the end of a portion finacial hardship and the advent of new hardship. After declaring bankruptcy, there are seven years of poor credit and the inability to get a loan, mortgage, vehicle and sometimes even an apartment.

No, bankruptcy is a symptom of financial hardship.

No,it's not the answer. You can still bounce back from the financial hardship you are having right now. You can always avail those free debt solution services offered by different companies. There are websites where you can provide information regarding your dilemma and they will surely help you sort things out. One of them is Total Debt Services, they proffer debt consolidation, debt counseling, debt advice that will be of great help to you.
Good luck!