Filing bankruptcy is a "better option over burying your head in the sand," according to financial advice personality Suze Orman.
"When somebody really doesn't have money to pay their bills then they should claim bankruptcy and face it right on and start all over again," says Orman.
When I have clients come into my Houston law office, I give people a range of options to consider. But debt management and debt settlement often just don't work out; people don't have the money.
And it can drag things out and make the situation more painful over time. Once people are to that point, of getting debt collection calls and feeling bad about their debts, for some, filing bankruptcy is the best thing to go ahead and do.
So I agree with Ms. Orman this time. Filing bankruptcy and getting a fresh start can be the best thing when you have overwhelming debts that you are not going to be able to pay.