Got queries? Bank blog has answers

Lauralie wonders whether bankruptcy is a good option for individuals, given the large number of companies filing for bankruptcy.

"How bad does it look for an individual to go bankrupt in this economy? I am considering my options, and this seems like the last resort," she wrote in response to a Review-Journal request for questions from readers about the ongoing financial crisis.

That's an example of the types of questions readers posed to William Martin, chief executive officer of Service1st Bank.

Martin told Lauralie that he doesn't advise bankruptcy except in extreme situations.

Many people who were financially responsible "now find themselves without employment and unable to meet their obligations," Martin says.

"The U.S. Bankruptcy Code was designed for such people to obtain a fresh start," he said.

Otherwise, try to avoid bankruptcy.

"Your credit will be severely impacted; make no mistake about that," Martin said. "My guess is lenders in general will still view a bankrupt as someone who didn't manage their finances properly, couldn't pay and may well not be relied upon to do differently in the future."

Martin also answers questions about bank safety, lending, and certificates of deposit.

You can see all of the readers' questions and responses at www.lvrj.com/financial_questions.

Contact reporter John G. Edwards at jedwards@reviewjournal.com or 702-383-0420.