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Not surprising: financial adviser Suze Orman's take on bankruptcy

Certain naysayers disagree with well-known financial adviser and author Suze Orman concerning her views on bankruptcy, and she really can't understand why.

Orman's take on debt relief for persons who are truly strapped and under an insurmountable load of obligations is solidly in line with that of other professionals, and she doesn't mince words when voicing her view.

"When somebody really doesn't have money to pay their bills, then they should claim bankruptcy and face it right on and start all over again," she says.

That advice will sound distinctly familiar to regular readers of this blog, who are frequently reminded that bankruptcy can indeed allow for a fresh financial start.

Bankruptcy laws were written for a reason, with a central rationale being that no person should be saddled with a lifetime of onerous debt obligations that can never be paid. No person or entity -- debtor and creditors alike -- benefits from such a ruinous and self-defeating process.

Orman simply notes that when she says that a debtor who is underwater and cannot break the surface should take advantage of laws that provide for relief and were written for that very purpose.

"[L]et your creditors know that you really can't afford to pay," she says.

Persons contemplating bankruptcy should know the options and requirements involved, and can learn everything that is potentially applicable to their situation through a candid and confidential discussion with an experienced bankruptcy attorney.

That discussion will certainly focus on the elimination of debt such as credit card obligations and medical bills and whether a Chapter 7 or Chapter 13 filing makes the most sense in a given case.

Source: CNBC, "The good thing about bankruptcy," Sakina Spruell, Oct. 21, 2013

 

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