When to file for bankruptcy protection

lynnette Khalfani-Cox photo box
lynnette Khalfani-Cox photo box

When federal authorities want to keep airline passengers informed about air safety, they use a color-coded system to convey various levels of risk.

Red is the highest level – symbolizing a "severe" threat of a terrorist attack. An orange threat level means "high" risk; while green means "low" risk.

What if there was a similar color-coded system that could alert you to threats to your finances?

Theodore Connolly, a Boston-based bankruptcy attorney and the author of The Road Out of Debt, says there is such a system. He should know, because he created it – along with his co-author Joan Feeney, a U.S. Bankruptcy Court judge for the District of Massachusetts.