I think people who aquire large sums of debt do so because they were negligent in their financial management. I first believe you should not buy anything you can't afford. Second, you should carry insurance to advoid medical bills.
Many people claim they cannot afford to manage money this way but I disagree. I think they just have a lack of knowledge and priority. I used to sit around and drink beer and smoke ciggerettes saying that I couldn't afford insurance.
Those who have truly attempted to secure their finances and have a disaster happen causing BK doesn't bother me, but my guess is that a majority of the BK's are due to personal negligence.
If you prioritize to be debtfree, have an EF and carry insurance before you give yourself any luxuries, you are not likely to have to file BK, IMO.
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