Will there be a change of perception of BKs?

[phigment]

With the economy in the tank and the term "bailout" on every politicians lips I have been pondering the impact on current and potential BK filers in the near-term. Clearly we're in a new paradigm of consumption and credit availability/usage in America. I have to imagine BKs will only be on the rise in the next future. Does anyone think there will be a shift in the perception of BKs by both consumers and businesses? (e.g. a BK will carry less stigma and smaller effect on credit scores). I doubt neighbors will openly discuss their BKs but I am willing to bet that the news would generally be met with sympathy and empathy rather than judgement. I also have to think that creditors will view an aged BK less negatively than it might have a generation ago.

Thoughts?

[OneDay]

I think there already is.
Maybe somewhat sympathetic compared to disgraceful, but every situation is completely unique.

[liz417]

I was wondering the same thing With BKs up with something like 87% (read that somewhere last month), there has to be a "change perception" and I hope that filing BK will not be held against a person. Most of us are one paycheck away from an avalanche know as bankruptcy.

[fltoo]

Who can say? I guess time will tell.

Your scenario might be the case, but then again, it could have an opposite effect. We might be looked upon as being irresponsible for taking on too much debt, too much car, too much house, too much luxury.

We are still in the minority as roughly 90% of Americans do not file for BK,
but that number might skyrocket over the next few years. These are unprecedented times. Will be interesting to see how future economists and historians view this economy and what they think the underlying causes were.

[phigment]

Who can say? I guess time will tell.

Your scenario might be the case, but then again, it could have an opposite effect. We might be looked upon as being irresponsible for taking on too much debt, too much car, too much house, too much luxury.

We are still in the minority as roughly 90% of Americans do not file for BK,
but that number might skyrocket over the next few years. These are unprecedented times. Will be interesting to see how future economists and historians view this economy and what they think the underlying causes were.

These are unprecidented times. It really looks like a economic perfect storm that no one is immune from. I think even responsible consumers with moderate debt loads are being pushed to the brink. My income is tied to the stock market and no one could have predicted a 37% drop in 2008. It will likely take several years for my income to get back to where it was so I have no choice but BK.

If that 90% percent figure is accurate I wonder how many of them should be investigating BK rather than struggling along indefinitely just to avoid a short term stigma. I am excited by the prospect of being free of unsecured debt and actually saving some money at the end of the month for the first time in a few years.

[mkuki]

LOL!...there already is...I was talking to a friend who works for Chase, and boy was he anal about having a 750 fico a year ago...now, he does not give a $hit about it...

we even laughed when I told him I wanted to call the bank to tell them to come get their car (hey, they have the title), and if they push me around, I wll just warn them about me putting them on the "hit list" i.e. go BK on them.

I look at BK as a tool...just like crocodile Dundee when he pulled the big knife, when the other dude tried to jack him...with a pocket knife...LOL!

Of course, I will file in the near future, but for now, I wallowing in hitting the "do not disturb" button on the phone, and finally seeing my cash being freed up before I pull the trigger

[sweetpotato]

Thanks for our post mkuki. I like the way you think. I feel that businesses have been taking advantage of the consumers for years and now we have BK as a tool to get even with them. The banks caused this current economic crisis and they should have to help us out of this mess and BK is one way.

Live for today.

LOL!...there already is...I was talking to a friend who works for Chase, and boy was he anal about having a 750 fico a year ago...now, he does not give a $hit about it...

we even laughed when I told him I wanted to call the bank to tell them to come get their car (hey, they have the title), and if they push me around, I wll just warn them about me putting them on the "hit list" i.e. go BK on them.

I look at BK as a tool...just like crocodile Dundee when he pulled the big knife, when the other dude tried to jack him...with a pocket knife...LOL!

Of course, I will file in the near future, but for now, I wallowing in hitting the "do not disturb" button on the phone, and finally seeing my cash being freed up before I pull the trigger

[fltoo]

BK is not a tool to get even!

It is an out to get you back on your feet and give you a second chance, a new life, a fresh start, a new beginning, a life of no debt, a life without credit cards, peace of mind..................sheesh.

[mkuki]

BK is ... a tool to get even!
... & peace of mind...........

corrected that for ya!...now me likey likey peace of mind

[fltoo]

I am and always have been a big believer in helping the underpriveleged, no matter the reason.

I would gladly pay my taxes and support you, Mkuki, in any and all of your BK endeavors, or any other social services you might need.

[mkuki]

I am and always have been a big believer in helping the underpriveleged, no matter the reason.

I would gladly pay my taxes and support you, Mkuki, in any and all of your BK endeavors, or any other social services you might need.

LOL!...U must have woken up on the wrong side today...

What makes u think I'm underprivileged?...U might be surprised I pay more taxes than you...and which social services does someone making six figure income need?

In any case, why are you here? are you such a benevolent being with your "taxes" and opinion to imply that you are on this forum just to pass time?...or were you overspending and living beyond your means at some point, and googled "BK forums", which led you here?

Wait a minute, you must be the crackhead that goes to an AA meeting and makes fun of their therapy sessions...LOL! get a grip, my friend, you are not here because your finances are perfect...

and by the way, Yes, I still stand by my opinion...BK is a strategy, to be exercised when necessary...so get off your high horse, or pay all your creditors and stop blogging on this site...

[CatsInTrouble]

I think it already has, too. I feel like it would be stupid of me to go on and pay my ridiculous, ballooned, bloated debt instead of take this "out" that is offered with little cost.

It would be stupid of me to hang on by the hair of my teeth.

It would be stupid of me to risk my home. It would be stupid of me to risk my retirement, that's already depleted by the market.

Therefore, NOT taking bankruptcy would be stupid of me. And I believe the same for another person in my situation. They would be stupid to not take this out if available.

[Hope2009]

I had always believed that everyone should be responsible for their debts. Once just can not go on spending spree using credit card and file for BK.

Until, our life saving getting wiped out by investing in Lehman brother and WAMU bankruptcy

Now I am in BK myself

Good luck to all

[fltoo]

Aw Muki, I am sorry, I should have qualified the term "underprivileged" when I used it. The intent of using the word had nothing to do with money or your six figure salary.

Thank you once again for "correcting" me and drawing my attention to my error.

[fltoo]

I think it already has, too. I feel like it would be stupid of me to go on and pay my ridiculous, ballooned, bloated debt instead of take this "out" that is offered with little cost.

It would be stupid of me to hang on by the hair of my teeth.

It would be stupid of me to risk my home. It would be stupid of me to risk my retirement, that's already depleted by the market.

Therefore, NOT taking bankruptcy would be stupid of me. And I believe the same for another person in my situation. They would be stupid to not take this out if available.

Exactly Cat, unfortunately many of us come to this conclusion after all resources are dry and found this site AFTER we made the mistake of depleting everything. Better late than never, though. We still get our fresh start.