Bankruptcy is a process that allows us individuals eliminate their debt or find a way to repay it. It's a complex process that typically requires the services of a lawyer and a court date.
However, the class of bankruptcy filed by most in our community typically has worse outcomes than if they hadn’t filed at all!
Financial and social systematic inequalities frequently mean that indebted Black people have less income to make consistent payments for these five years. This often leads to cases getting dismissed and getting additional debt piled onto what is already owed.
Racial inequalities lead to more Black people filing for bankruptcy. While this IS a suitable means of debt elimination, we need to make sure we know which one is best for our financial assets and goals.