YOU’RE NOT ABLE TO GET BANKRUPT WITHOUT BEING TOO BROKE? Among the American population, many basic understandings, misconceptions and myths, abound about bankruptcy. Yet, a fair, or at least, an accurate understanding of bankruptcy, and of its principles, as it is more specifically contained in the Bankruptcy Code, is essential for the effective management of one’s financial affairs, whether as an individual or as business. One such misconception or MYTH, can be summed up this way: That the debtor must be flat broke to file for bankruptcy. That is, that he shall have become financially depleted of any and every valuable thing he has, and shall have been impoverished to the point that he’s totally destitute and ruined, financially. In other words, that you have to get Bankrupt in order to file bankruptcy. In fact, it is not uncommon to find not only the ordinary man or woman in the street, but also the supposedly informed who would give you an argument that bankruptcy would mean the automatic loss or seizure of everything you own-your home, car, clothing, furniture, wages, computer, every dime, etc., etc.