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Filing for bankruptcy is the smart choice

Many people think of bankruptcy as a negative thing, and they even view it in moral terms: Do they want to make the "wrong" choice and file, or do they want to do what's "right" and try to deal with their debt in other ways.

According to one man, they're viewing it all wrong. He recently wrote an article in which he claimed that the morality of the situation had nothing to do with it, and that it was merely a legal step that was sometimes wise to take, depending on the situation. It wasn't good or bad; it was just a legal option.

He also said that people who file are the smart ones. The reason he gave for this is that debt that people hold right now is not, in his opinion, as important as the money they have for retirement. He even said that there was a looming retirement crisis, and that people needed to do what they could to be ready for that. They needed to think of the big picture and look at what they had to do with their finances in the long run.

The problem with refusing to file, he said, was that the money needed to stop working after retirement age could be drained dealing with a lifetime of debt. This could make retirement impossible. By using bankruptcy to eliminate the immediate debt, people could focus on the future, which will be a much bigger deal when it arrives.

Since bankruptcy is a legal option, you need to know how it works if you think it's the best option for you in Ohio.

Source: Huffington Post, "Here Is Exactly Why People Who File Bankruptcy Are Smart," Steve Rhode, July 06, 2015

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