4 red lines to avoid financial disaster, according to a New York bankruptcy judge

The people drowning in debt are usually scared when they come into Bankruptcy Court.

Millions of Americans who are drowning in a sea of debt are wondering whether bankruptcy is the only option. They’ve likely never been in a courtroom before, and the road to this point hasn’t been pleasant. It could have been one major blow — like a lost job or an accident — or even a slow descent with bills and bill collectors calls piling up.

After 12 years serving as a bankruptcy judge, the Hon. Margaret Cangilos-Ruiz, the chief judge for New York’s Northern District Bankruptcy Court has seen it all.

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