Do we "deserve" a clean slate?

[Bandit]

I felt like we deserved it for sure. We fought tooth and nail after our sons were diagnosed to get some help. We were denied help for a couple different reasons. So we had two choices 1) use credit cards to pay their medical expenses or 2) not help them. I think most will agree #2 is NOT a viable option. We got the state's help one way or another in our situation. Call me what you want. I did what I had to for my boys.

For the record, we still don't get any help for them through either the state or their medical insurance (through hubby's work). We pay out of pocket for everything.

I just sound bitter today, yikes!

I went through all of that too. I know exactly what you are saying & it is a very painful time from every angle you try to resolve it to try & stay out of debt & stay floating at the same time. but it is not possible when you are paying out of pocket

I get bitter over it also and I think I am still trying to figure all of this out.

[stressin]

"do you deserve a clean slate? Do you feel you're getting away with something you shouldn't?"

A CLEAN slate? Aren't we all aware of what a bankruptcy does to our credit score/history? In my late 30's, I had a credit score of 745. Jump ahead a few years and a failed small business, and I am awaiting discharge for my bankruptcy.

I was proud of my payment history and my credit rating. Right up to the point when I realized that my business wasn't going to make it, and that if I didn't file for bankruptcy, my family might not either--I could proudly say that I had never missed a payment, and had paid late maybe twice in my life. I believe in responsibility, accountability, etc. Financial responsibility was taught to me when I was growing up--but I took a chance on a business, and it didn't make it, so here I am.

I didn't think my business would fail. I thought that hard work and enthusiasm would help make it viable, but the economy tanked, and so did my business. There is no debtor's prison anymore, so bankruptcy was a legal option for me.

Whether I deserve it or not, who knows. There are many times when I feel that someone who has suffered through a catastrophic illness, job loss, or divorce is probably more deserving of a fresh start--but, in truth, they don't really get that either. What they get is the chance to discharge their debt, through a legal process, that will mark them as a "bad credit risk" or whatever terminology someone applies, for about 7-10 years. I don't consider that a fresh start. It's better than the alternative--sinking in debt you can never hope to repay, but it's not a fresh start. It's a choice that our laws allow us to make. We have to qualify for it, petition for it, etc.--and then we have to deal with the consequences of that choice.

I guess the answer is that our laws say that I deserve a second chance--not a fresh start, but a second chance.

[Bandit]

I would like to apologize and retract my earlier post on calling Pay Day loans a scheme.

I didn't realize until now that they are sponsoring this forum.

I am sorry, please forgive me.

are you serious? there are pay day loans in the ads here? man, talk about desperate for extra clicks.

[newbeginning]

People who make a CONSCIOUS effort to try to defraud, take advantage of the current system do not "deserve" a clean slate imho. People who find themselves drawn into the NEED to take advantage of the system deserve a SECOND chance. We have CC debts AND medical bills that keep us from moving on. An unforseen serious illness and loss of income makes it imperative that we (I) consider bk. Do we deserve, don't know. But we certainly do NEED.

[Bandit]

I guess the answer is that our laws say that I deserve a second chance--not a fresh start, but a second chance.

you got it! there is no fresh start, but we do deserve a second chance. what goes on our record is hardly what I call a fresh start & ch 13 is probably one of the hardest things anyone will ever have to do.

[Tdawg422]

I'll throw in my 2 cents since I think it my thread that caused this question. I'm the one that stated I was looking for a clean slate.

With the way the system is currently setup it possible for me to get it by declaring chapter 7. Is it fair, most likely not since I knew what I was getting into when I got into my mess. While I never thought I would of declared for BK, now that I know it a option it one I wish to look into.

Just like how major companies are getting bailout such as C and AIG along with every other bank in the country besides a few very smart ones. They knew the risks they were getting into when they got themselves into trouble.

It not a total clean slate as I guess I stated but a 2nd chance. I know I made a mistake. I was a bit out of control and on Money I couldn't afford to lose in the Market, and that no different the person who went to Vegas with a ton of money and debt and lost more then he could afford to lose.

Now my options are to live tight, work my arse off for 2 years working 2 jobs to pay off the debt vs declaring chapter 7.

It got brought up because someone said that for 30k it not worth it to declare BK. While it not the huge amount of debts other have racked up is it still not worthy to declare chapter 7 over that?

[magyar123]

We all deserve a clean slate - we deserve to be bailed out too - even more so than Bush's and Paulson's buddies.

[BigJohn]

I agree, people should be allowed to have a clean slate.

[Bandit]

We all deserve a clean slate - we deserve to be bailed out too - even more so than Bush's and Paulson's buddies.

the bush family will never have a clean slate. he ruined it for them & politics forever. him & cheney did a great job dividing his own republican party for some time to come.

i know that is off topic but I had to.

[floridian]

i had to chuckle at a biography i was reading about a colonial soldier in the 1700s... he survived the war, but was hanged in debtors prison... that will teach him to watch his CC debt...

[Bandit]

not to mention on this clean slate thing that you are scarred from certain employment & the fresh start idea means you may end up paying higher car insurance premiums.

Thanks Mr. Clean.

[jktrading]

No we don't "deserve it," but it seems to be the right thing to do. Forgiveness is divine.

[rockyroad]

Actually, everyone does deserve a clean slate. The idea of writing off debt every seven years goes back to biblical times.

[Flamingo]

Actually, everyone does deserve a clean slate. The idea of writing off debt every seven years goes back to biblical times.

Things in the past were always easier, whether biblical, 1950's, etc. However, credit cards, predatory mortgages/lending and other credit woes were not around at that time. If everyone in this country were able every 7 years to write off debt, I can't imagine the scenerio involved as life would not be anything like it is; it would be worse as there would be no semblence of responsibility.

I have always felt that filing bankruptcy should be a one time deal - sort of like the Get out of Jail Free card in Monopoly. OK, we have a mess up here - let's clean it up, learn from it and go on from here and ensure it doesn't happen again. Exceptions? Sure...major medical situations...People should plan for possible job losses as they can and do occur as we all know; keep the debt down or no debt; learn to actually save; when/if the job loss happens, you have no unsecured debt and won't end up in the bankruptcy filing ranks.

[CindyLou]

Actually being the law, that makes it a RIGHT!