Why Didn’t I Do This a Year Ago?

  • By Jillian Taylor-Mancusi


Bankruptcy is not a bellwether. It is not an indicator of how the economy is going in general but rather how the economy was two years ago. The few research papers that have been done on bankruptcy all seem to agree that for personal bankruptcies the causes of the bankruptcy occurred almost two years before the individual actually went bankrupt. These causes are commonly marriage breakups, loss of job, health problems, etc. So why does it take so long for people to solve their financial problem?

The answer is understandable. People try their best to recover from the problem on their own. If the cause was the loss of a job, they start looking for a new job. If it is marriage break-up or health problems in the family, they may take on a second job, or spend their savings. It may be quite some time before they realize that they can’t get out of the situation by themselves.

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Some people with debt problems don’t seek help because of a fear of the unknown, others because they don’t know who to talk to, and many because of simple inertia. With most licensed Trustees offering free initial assessments, it is a great opportunity to find out answers at no cost. The sooner you seek professional help, the more likely it is that there will be a variety of options available for you to pursue.

Clearly it is better to find out what you have to do to get back on your financial feet, rather than suffer through months of stress and strain, and in the end say, “Why didn’t I do this a year ago?”

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