Why Bankruptcy is Not a Magic Wand for Illinois

by Daily Bell Staff
The Daily Bell

What if everyone declared bankruptcy, would that solve all financial woes? Or rather, would it be the ultimate debt bubble burst? Bankruptcy is a “solution” that would become disastrous if everyone were to use it. So can it truly be considered a solution at all? It just shifts the financial burden to someone else.

Most people just don’t care though, because usually, it is the big bad credit card companies or debt collectors who seem to be getting screwed. People with mountains of debt are told that they were preyed on by lending companies. Look at this excerpt from an article by a law firm about the myths of bankruptcy.

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