As consumer debt has skyrocketed to over $3 Trillion, many believe the only way out from under the mountain of bills is to declare bankruptcy. But is it right for you? Many myths persist to misinform the public.
â€œProbably the worst myth about bankruptcy is that you need to be flat broke before you should file,â€ says Sacramento bankruptcy attorney Gerald B. Glazer. â€œIt is not good to wait until creditors are knocking on your door,â€ according to Glazer. Planning can prepare you for a bankruptcy that causes the least amount of financial disruption.