Yvette was hit hard by the recession of 2008. She lost her job as a retail store manager when the chain went out of business. After collecting unemployment for six months, she found a job waitressing. Her credit cards are now maxed out, and she is having a hard time paying her bills. She is 28, single, and lives in a major metropolitan area.
Is bankruptcy the best option for a person with a heavy debt load and low prospects for a significant pay increase in the near future? If so, which version of bankruptcy should Yvette file? Consider the pros and cons of bankruptcy in her situation. What alternatives could she try?