Why are financial planners, of all people, declaring bankruptcy? Hospital bills, the real estate downturn and the related financial crisis drove the bankruptcies of some of the 19 planners who appear on the CFP Board's most recent list of CFPs who've filed for relief for protection from creditors.
None are subject to disciplinary procedures under the board's policy -- which dates back to July 1, 2012 -- of publishing those CFPs' bankruptcies on their profiles on the board's website for a period of 10 years.
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