For a lot of people, the term bankruptcy evokes the same emotions as the word cancer. To hear someone has gone through bankruptcy is like hearing they are getting chemotherapy for a malignant tumor or treatment for a life threatening disease. To others, bankruptcy sounds a lot like surrender and defeat. To wave the white flag to your creditors and admit you are a failure and cannot keep the promises you’ve made.
The reality is that bankruptcy is a business decision and should be seen as such. When people talk about Donald Trump going through bankruptcy, they don’t look at him as if he were a pariah. He’s a business man and bankruptcy is merely another tool in his toolkit. The Road Out of Debt , written by Joan Feeny and Theodore Connolly, is a book about getting out of debt with that perspective on bankruptcy. It’s not a book about bankruptcy, it’s a book about debt with a look at how not thinking about bankruptcy is a mistake.
Joan Feeney is a bankruptcy judge. Ted Connolly is a bankruptcy lawyer. That makes this particular two-some very experienced in the world of debt reduction and their expertise is valuable in simplifying bankruptcy, the bankruptcy process, and whether or not it, or alternatives, are right for someone struggling with debt. The book itself is broken up into four sections:
- Dealing with Debt: This first section focuses on the debt itself, potential solutions (including but not limited to bankruptcy), as well as pitfalls to avoid getting deeper into debt.
- Identifying Specific Debt: This second section segregates your various debts into categories and helps formulate strategies to help deal with those debts.
- Defining Bankruptcy Types: If bankruptcy is the right path, this third section explains the various types, the process, as well as all the paperwork and filings you’ll need to complete.
- Process and Outcomes in Hypothetical Bankruptcy Cases: If you go down the path of bankruptcy, this final section gives you a better understanding of what could happen through the process and how life can get a little more difficult afterwards.
If you’re struggling with debt and you feel as though you’re barely keeping up, I recommend taking a look at this book and dispelling some of the myths you have believe about bankruptcy. Just as we, as a society, have started coming to grips with abandoning underwater homes (loan-wise) and how there is no moral obligation, I think we will soon understand that bankruptcy isn’t the scarlet letter it’s often made out to be.