“Hooray for Bankruptcy.”

That is headline on NY Times magazine article describing what is probably a typical bankruptcy case. It is is the story of a young mother who got cancer and got divorced after the surgery. To maintain her medical insurance under COBRA cost her $500 a month. To pay that she had to stop paying her credit card bills.

For five years she “negotiated” the calls from the credit card companies. Like most Americans she wanted to pay what she owed and establish good credit. But she simply did not have enough money.

Finally she gave in and filed for bankruptcy, discharging $20,000 worth of debt. “I did not feel the guilt I feared I would,” she writes. “I was full of relief.”

Click here for more information on bankruptcy.

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