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Bankruptcy is a Safety Net

Bankruptcy is a Safety NetWritten by Craig D. Robins, Esq.
 
Our country’s bankruptcy system is a necessary safety net according to a story last week in the Wall Street Journal [1] entitled “Rethinking Bankruptcy.”
 
The article pointed out that there is a surge of bankruptcy filings right now for obvious reasons — it helps Americans protect their assets if the sky falls.  The author likened our bankruptcy system to a country’s social safety net that prevents a welfare state.
 
As long the economy stays grim in these recessionary times, consumer bankruptcy filings will become increasingly common, which is having the effect of diminishing any stigma that accompanies bankruptcy.  Corporate bankruptcies are an accepted part of doing business.
 
Bankruptcy gives consumers a fresh new financial start and many assets can be protected. 
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