Though it seems like it would depend on the person, Blacks are twice as likely to end up in bankrupcy than whites. A study sjhowed that blacks were being steered that way much more than whites by lawyers. It was also shown that blacks were being steered more towards a "chapter 13", which makes paying off debts take much longer than "chapter 7". There are advantages to both, but to me chapter 7 seems to be a better idea..
http://www.nytimes.com/2012/01/21/business/blacks-face-bias-in-bankruptcy-study-suggests.html?pagewanted=2&ref=your-money
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