He says that those problems can definitely lead to bankruptcy being the only option – not that they do not apply to you.
As for the bankruptcy, I’m 7 years out of mine and have rebuilt my credit. I own my own house, my own vehicle, and know how to stay out of debt and live within my means. Many problems contributed to my bankruptcy, including personal, but I wouldn’t say that I, or anyone, “deserves” a fresh start. I agree that I deserved to learn how to manage my life and money better.
It took me many years to recover emotionally from the bankruptcy because I personally felt horrible about not repaying what I owed people – I borrowed in good faith and I ended up screwing people out of their money. Regardless of the circumstances for borrowing, it was still disturbing for me to dump all my debt, since debt is something that someone somewhere had extended to me in good faith.
I think bankruptcy is a necessity in some situations, it was in mine, but it is VERY important to learn from it and not head down the same road again.
Ok, I understand exactly what everyone is speaking of. Yes, I may have misused the word “deserve”. Its a matter of symantics. But, I also want to say, that the last thing that was on my mind at the time was paying bills. The only thing that was on my mind and the mind of my doctors and family was recovery. So no I never had a problem managing my funds before this time and I don’t have a problem managing them now. But, it will be close to impossible for me to catch up. I’ve always owned my own car outright and still do.
Like I said, catching up will be the problem. Those 3yrs without income threw everything out of whack. Staying afloat is most important.
Well we filed last year and put our over taxed crappy trailer house on our bankruptcy, we havent been able to finance a car or even get a credit card without it being secured even if I wanted another one. We are current on all our bills, rent, utilities, financed a car at a tote-the-note car lot since my other car was on the bankruptcy. I put 10%down on the newer-used car I had to get. We couldnt do anything more now than we did before but we were able to sleep at night knowing that they werent going to be knocking on my door about a hospital bill I could no longer pay. We were advised by our lawyers to put the house and car on it since we were over financed for them and couldnt sell them since bk was a once in a lifetime deal. Our lawyers also said that we didnt even have a drop in the bucket compared to what others filed over.
So I don’t think that everyone can start over the next day after filing but everyone that I have talked with had the same reaction to us, it’s not the end of the world but it isn’t a one time get out of jail to start it over the next day.
We do things differently now than we did before. We pay in cash for everything (well our visa/debit card on our checking also). We havent gotten over the ideal that the cute little bobble or thingy we saw at the store we need, no way. We have totally changed the way we think about doing it over again. We don’t want to be there. Now my husband has a better job with better insurance and I still stay at home with the kids as before.
You have to take the good with the bad I guess.