Brace yourselves, readers. I’m about to say a scary word. Bankruptcy. Are you still with me? Good. Getting past our fear of that word is the first step towards understanding what it is, when it should be (and should NOT be) used, and what the repercussions of that use will be. Growing up, I was terrified of that word. My father was a dairy farmer who, as our neighbors declared Chapter 12 bankruptcy one after the other, would sneer and say that “only social deadbeats take the easy way out by going bankrupt.” He was a stubborn man, and when we lost our farm to foreclosure, he took comfort in the fact that we never went bankrupt.
With the recent poor economy, bankruptcies had been skyrocketing. The bankruptcy rate hit its peak in 2010 (as seen by the 182,000 filing decrease in 2011), bu