NPR.
Everything you know about bankruptcy is wrong.
Which is a bold claim, but may not be far from the truth.
I mean, when a lot of people hear the word bankruptcy, there's a good chance
that the image that pops into their mind first is a business.
Toys R Us, Blockbuster, Bed Bath & Beyond.
But the truth is, the overwhelming majority of bankruptcies are personal bankruptcies.
Yeah, if you are talking bankruptcies, you are most likely talking about people.
Regular people like Rebecca Leslie.
My utility bills are going up the groceries are going up gas is going up like everything
just kept Getting to that point where I was like, I can't save anything anymore.
I'm out of savings.
So earlier this year, Rebecca filed for bankruptcy.
At first, you know, I was kind of embarrassed, you know, in a way like I feel like I was failing.
And this embarrassment Rebecca felt about bankruptcy, it's common.
But bankruptcy economists and lawyers will tell you it's not game over.
It's also not a label like, say, being broke.
Instead, bankruptcy is a legal option, one that people choose.
And it's a choice those researchers say more people should be making.
This is The Indicator from Planet Money.