The following is an interesting excerpt from an article written by Dale Dauten entitled "Choosing Honor Over Bankruptcy A Win Win Philosophy"
"A comedian once boasted, 'I started out with nothing. I still have most of it.' Looking at the latest bankruptcy statistic, the nothing business is booming. More than a million Americans will declare bankruptcy in 1996, grateful to get back to nothing they started with.

How are we to feel about bankruptcy? It is just a distant cousin of having the septic tank pumped, or is it something more sinister?

Two things got me thinking about bankruptcy. The first was from a 'loyal reader' who sent lively observations, including this one, on the contrast between corporate and personal bankruptcy:

'Personal bankruptcy: seen as an act of a dead beat. Sleazy 'black cat' lawyers involved in final settlement. Permanent classification of 'moral leper' almost impossible to regain credit.

'Corporate bankruptcy: acknowledges a prudent business move. -Carefully planned and executed by top legal counsel (who come from the largest legal firms and are regarded as astute 'white hat') immediate access to new credit. No loss of stature by corporate officers.'

The reader admitted that it was oversimplification that doesn't deter me, of course - what are newspaper columns for? Even so, where does it leave us? Are we too hard on individuals or too soft on corporations? The question was on my mind when I met a remarkable man named Rich Fisher.

Rich owned a successful, medium-sized law firm in Phoenix, Arizona. But, like so many lawyers, he was restless. He had grown weary of the battlefield mentality of litigation and had become enchanted by the art of negotiation and mediation. About the same time Rich was contemplating remaking his firm, his largest client abruptly took its business elsewhere.

Payroll, leases, tax bills - expenses swamped revenues. Rich struggled to replace the business, but eventually had to close shop, leaving him with debts of more than $200,000. His accountant and his friends told him that his only choice was bankruptcy.

But Rich made another choice. He said, "The people I owe money to - the bank, landlord - were people who had helped and supported me and my firm. I decided to take a stand consistent with Win Win Philosophy that I had been studying and practicing. I believe that people can honor debt and keep promises. And I also had come to believe that people ought to pursue their passions especially in their professions."

It was five years ago that Rich Fisher set up a five-year payment plan with his creditors, including interest. He has lived modestly for those years, paying his debts, reinvesting in his new company, and even giving 10% of his income to worthy causes.

I asked him why he hadn't simply chosen bankruptcy. He smiled and said, 'I can't explain why I did it, I just decided, 'I made the deal, I'll take responsibility. The buck stops here.' It was an honorable path for me. I wouldn't trade the lessons I've learned for anything."'

The debt retirement plan that has been prepared by Lawyers United for Debt Relief can retire your debts eventually. We just wanted to share with you the comments in the above article in case you felt for some reason that you are alone among those who are attempting to deal with their debts in a reasonable manner.