Here in Michigan the most common story is job loss, engineers and white collar folks are getting whacked on a daily basis. It usually starts with the termination, they look for local work at month one, month 2 they look out of state, months 3-6 they find a job out of state. At that point their resources are depleted and can't sell their home the only wise financial choice they can make is file bankruptcy and let their home foreclose, how can a salaried 45-50ish person make up for a loss like that?

I used to think like many people on this forum about people and their debt and its easy to say how stupid and bad they are for walking on their debt, just hope you are never in that situation.