Bankruptcy losing its shame More people filing for Chapter 7, walking away from homes

The Detroit News Jaclyn Trop Declaring personal bankruptcy may not carry the same stigma it once did.

As unemployment rates skyrocket and home values plummet, new attitudes toward debt may explain why more people are letting their homes and other assets go rather than working out a debt repayment plan in the nation's bankruptcy courts.

"It's not being looked at as a personal failure but a product of the times," said credit counselor Rachel Hood of Consumer Credit Management in Farmington Hills.

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