Bankrate posted a wonderful interactive timeline for bankruptcy...too bad it is seriously flawed.
Of primary concern is the idea that you can contact an attorney and be filed within 6 days. Back in the good old days we could do an emergency filing, but not anymore. You must leave at least 30 days to allow time for a thorough review of your finances and verification of information you provide. Any attorney that does less risks their own license.
Further, if you are facing an eviction, bankruptcy no longer prevents it! Once an order for eviction is signed, you are out regardless of a bankruptcy filing.
The other problem I noticed: The average family can experience the issues at the initial point in the timeline for years without facing bankruptcy. Moving from point 1 (6 months) to point 2 (4 months) can take a very long time, or less than a month depending on circumstances. The timeline does not suggest an attorney until 6 days before filing but an attorney should be consulted by the time you hit the issues listed at point 2.
Bankrate has some nice things, but their recent story on foreclosures/delinquencies decrease - despite a reported 38% increase in foreclosure in 2006 Q1 and this obviously flawed timeline begs the question: how much of the other information provided is similarly flawed?
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