Has anyone read........

[gak555]

Below is not my quote, but one that I cut and pasted. Just want to know if anyone has read it and can provide feedback........thanks


There's a book How to Settle Your Debts by Norman Perlmutter that advocates BK only as a last resort. The book makes some good points. The author states that "most people who file bankruptcy don't need to." He makes some good points and sets forth some alternate strategies. Perlmutter seems to feel that filing BK is a very onerous thing. I'm not sure that I totally agree with him, but I do agree that there are a lot of other things that should be explored before filing.

[workerbee]

Whatever, Mr. Puttmeister

The only reason I can think of to NOT file bankruptcy when you have significant debt, is that you want to build more debt. Bankruptcy was the greatest thing my husband and I ever did. Now we have no credit cards or loans, and we never will again. We learned our lesson, and we paid for it. We filed Ch. 13 three years ago, then converted to Ch. 7 last year. Now that it's over, we'll never go into debt again. We haven't had a credit card for almost 4 years, and we don't miss it.

Now the banks can ignore us and we don't care. We live on a cash only basis, and if we don't have it, we don't spend it. We put money into savings each week, and someday we'll be able to retire with a nice nest egg. We are able to do this because we filed bankruptcy. If we'd tried to fight that debt, we'd never have gotten out from under it.

[SinkingFast]

I found a website that discusses some of the key points of his book and his strategies. Here's just one little tip:

Keep the Wolves at Bay - how to create doubt as to validity and collectibility, how to use "Dirty Tricks" and counterattack techniques to frustrate and discourage collection.

http://www.electricpressrelease.com/...eyourdebts.htm

Gee,.......... No wonder the Collectors don't believe you when you tell them your story. Things that really happened.

It's one thing to know how collection agencies work and collectors' tactics to get you to pay. It's another thing entirely to stoop to the level of lieing and cheating to try to skip on your debts.

He may have some tips to help some people work thru their situations. Where the debt load is lower and they have a bit better income to deal with things. But that's not the case for most of the people who come here to post.

Most people here can barely make the month living on cash alone. Much less make CC payments. And very few have any savings left to negotiate any kind of settlements. Savings have all been used up trying to do what we knew was right to start with. Pay our debts.

[aa06a47]

I have to agree with workerbee and sinkingfast. Of course, I have not read the book. While not discharged and having only made 1 chapter 13 plan, I have already came up with a financial plan to live on cash. It definatly involves some belt tightening and if I don't have the money, I just don't spend it!!! Medical emergencies and major home repairs while in the 13 could be an issue, but once I'm free in 5 years....I should be able to save pretty quickly (assuming no change in income in next 5 years)

[no_it_all]

Debt is good. Debt will make you wealthy. Debt will pay for your children's college education and you and your spouse's retirement. Just remember to only go into debt for appreciating assests and you will do fine. I can't imagine living on a cash only basis..How do you by a house?? Debt management is the secret to wealth. (does this rambling have <anything> to do with the post??)

[aa06a47]

Debt is good. Debt will make you wealthy. Debt will pay for your children's college education and you and your spouse's retirement. Just remember to only go into debt for appreciating assests and you will do fine. I can't imagine living on a cash only basis..How do you by a house?? Debt management is the secret to wealth. (does this rambling have <anything> to do with the post??)

Yes, I agree, using OPM to purchase appreciating assests is a good thing as long as the appreciating asset actually appreciates and the credit terms are good.

Using debt to purchase the new 60" plasma TV on a credit card won't make me weath, it will make me poor(er).

That is what I meant by cash only basis.

[anonymuse]

I'd like to see this chapter:

Keep The Wolves At Bay – how to create doubt as to validity and collectibility, how to use “Dirty Tricks" and counter attack techniques to frustrate and discourage collection.