Better to file or not file?

[mike2006]

[Mike, I moved your question and the two responses it received so far from the very old thread you first posted this to into its own new thread here in the General Bankruptcy forum. -lrprn]

hi,

just saw this from fresh start america about filing bk. is it true?

bankruptcy is a serious action to take to solve your debt problems. Although it may be the only alternative for a few, you should NOT file for bankruptcy if there is any possible way to avoid it. If you think bankruptcy is a way for you to walk away from all of your debts and start again with a clean slate you have been seriously misinformed. The bankruptcy act of 2005 went into effect on October 17, 2005 and has changed everything. Unfortunately, many people will no longer be able to file a chapter 7 which is used to dismiss many debts in whole. Instead they may only be able to file chapter 13 where the debts are restructured and repaid over a 3-5 year term. The new bankruptcy law has made filing bankruptcy a complex, time consuming, expensive and risky solution.

No matter which type of bankruptcy you file you will be impacted.

[no_it_all]

I didn't feel guilty at all..In fact I felt morally obligated to file and make sure my CC holders didn't get a dime! And they didn't so I feel great!

[CATCHMEIFYOUCAN]

Another Form of Guilt

just saw this from fresh start america about filing bk. is it true?

bankruptcy is a serious action to take to solve your debt problems. Although it may be the only alternative for a few, you should NOT file for bankruptcy if there is any possible way to avoid it. If you think bankruptcy is a way for you to walk away from all of your debts and start again with a clean slate you have been seriously misinformed. The bankruptcy act of 2005 went into effect on October 17, 2005 and has changed everything. Unfortunately, many people will no longer be able to file a chapter 7 which is used to dismiss many debts in whole. Instead they may only be able to file chapter 13 where the debts are restructured and repaid over a 3-5 year term. The new bankruptcy law has made filing bankruptcy a complex, time consuming, expensive and risky solution.

To me, THAT Advertisement is just another way to make one feel GUILT.

NO GUILT HERE !

HAPPY to have a fresh start, THIS TIME, my Bk feels like it was worth its while.

I just seen on my local news that CC companies made over $14 million on just late fees, interest, rate hikes, and whatever fees alone. This is not including their profits from principle payments. They made their money from everyone and then some... do I feel guilty? Nope, not at all.

AND CC's will always MAKE OUT!

Not one cent of GUILT HERE !

Catchmeifyoucan

[keepmine]

I'm an unrepentant fiscal sinner as well.
Bk is a business decision plain and simple. At the end of the day, we all will act in what we perceive to be in our best interest.

[jal1129]

After years of struggling along paying over $1000 a month in just loan shark interest fees to cc I don't feel an ounce of guilt, they've got their money out of me.

Before we decided to file and I was looking at options, all but one debt management/settlement company I talked to would say ANYTHING to try to get us away from bk and instead pay them the money. One place told me if a family of 4 makes more than minimum wage you are'nt allowed to file bk at all under the new law (not true). Another place told me that under the new law our only option was to pay back 100% of unsecured over 5 years (again not true we are filing no asset chap 7).

[fslady]

Talk about a guilt trip!
How much will Fresh Start America charge monthly to help you get a "fresh start"? They have a vested interest in keeping you from considering BK.

I felt guilty too - until my daughter pointed out that the credit card companies had paid Best Buy for the television, Delta for the plane tickets, etc. in full - a loooong time ago and I was still paying them interest on the interest.

Being able to answer the phone and go to the mailbox without wondering what bad news I'll get - priceless!

[SinkingFast]

I'm an unrepentant fiscal sinner as well.
Bk is a business decision plain and simple. At the end of the day, we all will act in what we perceive to be in our best interest.

That's it in a nutshell.

Filing BK is just another financial, business decision.

Just like when the CC Banks decide to dump your good rate and jack your interest to 30% because you're carrying high balances with other creditors. Even tho you've never been late to anybody on any payment.

[spongenotbob]

[Mike, I moved your question and the two responses it received so far from the very old thread you first posted this to into its own new thread here in the General Bankruptcy forum. -lrprn]

hi,

just saw this from fresh start america about filing bk. is it true?

bankruptcy is a serious action to take to solve your debt problems. Although it may be the only alternative for a few, you should NOT file for bankruptcy if there is any possible way to avoid it. If you think bankruptcy is a way for you to walk away from all of your debts and start again with a clean slate you have been seriously misinformed. The bankruptcy act of 2005 went into effect on October 17, 2005 and has changed everything. Unfortunately, many people will no longer be able to file a chapter 7 which is used to dismiss many debts in whole. Instead they may only be able to file chapter 13 where the debts are restructured and repaid over a 3-5 year term. The new bankruptcy law has made filing bankruptcy a complex, time consuming, expensive and risky solution.

No matter which type of bankruptcy you file you will be impacted.

These guys are vultures. Talk to a real BK attorney and get the real scoop on your situation. BK is definitely still an option.

All the best,
spongenotbob