It’s the last day of Elul. As I wrote on the first day, when the period of self-assessment begins, we are now 30 days into the 40 day period of determining how we can make our lives- and the lives of others- better. (You can also search for Elul in the index to the left and see more of my thoughts on this “resolution-making” period.)
I apologize. This is a long post (almost 1300 words)- but I need to provide vital information so you can be protected. And, I didn’t want to split this over 2 posts.
For those Americans who have come upon hard times, the choice to end their problems is almost always bankruptcy. Individuals who earn about the median for their area and can’t repay their debts can file Chapter 7. Assuming there is no lying or subterfuge in the application, one’s debts can be adjudicated and the taxpayer gets a clean slate. (Clean in that they owe no money- but they no longer have access to credit cards [for a few years, at least] and their credit history will reflect the bankruptcy.) Of course, one’s assets (over a certain value) are used to satisfy [that’s a legal term, you can bet the credits are NOT satisfied not receiving all that they owe) the creditors’ demands.