So... anyone file for bankruptcy more than once?

[sigferl]

Thanks for your post. Businesses have a large incentive to make money and stay in business so there is an incentive to be successful and to not file BK. Plus businesses produce jobs.

On the other hand, people only make money if they live irresponsibily and file BK and they have helped no one because they did not employ anyone. Personal BK has negative incentives, bails out people for poor decisions.

Personal BK is for severe medical disabilities.

I would love to donate money to cancer or Parkinsons research but I am forced to pay for BK abuse.

PS. Name calling(troll) only makes me look smarter.

Do unto others as you would have them do unto you.

How is business BK different than personal? Both situations are the entity no longer being able to meet its financial obligations. An average business pisses away more money in a day than an average consumer could ever come close to.

Until May of this year I owned a business that employeed 25 people. I am now in personal debt of over $300k unsecured and $500k secured. A lot of this debt is from the business and a lot of it is when I couldn't work for several years because of medical issues...

I racked up debt because I knew I could regain substainal employment/income in the future, which I did from the business until it eventually went under due to the economy.

What is better in my case? File CH13, paying back $1000/mo for 5 years until I am discharged of the rest or to allow all the creditors to sue me for judgements (as there is no way to meet all the minimum payments), and live being constantly hounded for money and having interest piled on to my existing debts that I will never get out from under until the day I die?

It is obvious you are a troll, and I have no idea why I just didn't ignore you... but now that I typed all of this I might as well go ahead and submit it.

Do you head over to cancer forums and tell people that don't have the money to pay cash out of pocket for their treatment to stop treatment right away as its rasing the cost of healthcare for everyone? After all, even if you are insured you are raising the cost of insurance!

[jam]

You dont pay sh-- in taxes you are a troll

[kornellred]

There are many ways to view the reality of bankruptcy. First of all, it is a right guaranteed in the US Constitution. Our free enterprise system involves risk and for every winner, there must be a loser. From time to time a loser (individual or corporate entity) experiences losses that are impossible to recover from. I speculate that this overly generalized existential situation was the rationale behind the codification of the right to file for bankruptcy.
There was a time - before the widespread use of unsecured credit - when bankruptcy was a social taboo. Aside from bad breaks and tragedies, getting into a position where bankruptcy became necessary usually meant that a person or organization was just dishonest and irresponsible.
The post-war US economy came charging out of the gate red-hot - banks decided that offering unsecured credit was worth the risk. It grew the economy even quicker and people had stable jobs to make the payments on that nice home and fancy car, and a little bit left over - to make payments on unsecured loans - to buy things they really didn't need but wanted any way - which stimulated the economy even further.


Then, a funny thing happened on the way to the American Dream. The rest of the world got wind of how great it was here and they wanted some of the action. A great influx of immigration occurred. Cheap labor overseas undermined powerful unions and soon most manufacturing was done elsewhere. Japan made cars that were far better than American models. And on and on and on. Not so suddenly, great numbers of people had no way to pay for what they needed, much less for stuff they wanted. So the numbers of bankruptcies became significant.

Bankruptcy is neither good nor bad for the economy. It's simply part of the economy.

I am in my second bankruptcy. The first was a Chapter 7 in 1994 and was completely unavoidable. This current one is a Chapter 13. I've been a bad boy.