Bankruptcy Quote by Jean Chatzky
![“You need a clear, legitimate excuse for why you're behind [the bankruptcy], such as a layoff, divorce, or medical emergency. Be prepared to back up the circumstances with supporting documents. Anything you have to substantiate your story - including proof that you have, for instance, been actively…” quote by Jean Chatzky](https://sms4smile.com/quotes/img-quotes/325/jean-chatzky-15313_bankruptcy_you-need-a-clear-legitimate-excuse-for-w_2759942.jpg)
“You need a clear, legitimate excuse for why you're behind [the bankruptcy], such as a layoff, divorce, or medical emergency. Be prepared to back up the circumstances with supporting documents. Anything you have to substantiate your story - including proof that you have, for instance, been actively looking for a new job - will help.”
About This Quote
Source Book: Money Confidence, 2021
When facing financial trouble, provide a legitimate, documented reason and evidence of proactive steps to improve credibility.
In simple terms: Explain financial issues with valid reasons and proof of effort.
Key Takeaway
Be transparent and document your financial situation.
Themes
financial responsibility
credibility
documentation
Mood
practical
cautious
Type
advisory
financial
When to use this quote
- loan applications
- employment gaps
- bankruptcy filings
Key Concepts
finance
risk management
personal budgeting
Questions to Reflect On
- How can you gather supporting documents efficiently?
- What proactive steps can you take while searching for new employment?
A Different Perspective
Some reasons may be scrutinized as excuses rather than facts.
![“I thought I was making fifty dollars a week [at MGM], but it turned out to be $35 because twelve weeks of the year you were on layoff. It was white slavery, and it lasted for seventeen years.” quote by Ava Gardner](https://sms4smile.com/quotes/img-quotes/011/ava-gardner-8168_dollars_i-thought-i-was-making-fifty-dollars-a-w_1708208.jpg)
![“You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or a HELOC [ home equity line of credit ] - you're taking an unsecured debt and turning it into a secured debt.” quote by Jean Chatzky](https://sms4smile.com/quotes/img-quotes/e84/jean-chatzky-15313_cards_you-also-need-to-understand-that-when-yo_1363945.jpg)
![“In my very first term there was an issue that brought us [George Mitchell, Ted Kennedy, Chris Dodd] together in a very deep, emotional, and personal level.It was called 'spousal impoverishment' and it meant that for one person [to go into] a nursing home, the family [ ], could go near bankruptcy…” quote by Barbara Mikulski](https://sms4smile.com/quotes/img-quotes/ad5/barbara-mikulski-8601_bankruptcy_in-my-very-first-term-there-was-an-issue_146180.jpg)
