considering filing BK... welcome your thoughts

[keepmine]

Nothing in the bk code specifies that a bk filing must be for an emergency or, any other reason. Bk is a legal right. If your debts are overwhelming it's a viable option. Bk is nothing but a business decision. Are you better off filing or not filing. Just that simple.

[PdxDavid]

If a guy like Paul Allen can file for bankruptcy, so can I.

[JRScott]

Thanks for your post ob. It is my humble opinion that you should not file BK because BK is should only be for severe permanent medical disabilites and I do not see that in your post.

If you file BK while making $200k without having an emergency like job loss, death, disability then EVERYONE should file BK because everyone has lost money in the stock market and real estate.

You mentioned not having a cleaning lady, what do you think is frugal living verses luxury items?

I know that it is unpopular to have a post advising against BK but many people have solved their own debt problems and are very grateful for not filing BK.

Has anyone suggested a second job?

God Bless America

There is no reason for him not to exercise his Constitutional Rights within the course of the law, your opinion is irrelevant as it does not coincide with the law of the land. God has blessed America more than any other nation, he inspired the Founding Fathers with a blueprint of freedom called the United States Constitution which in Article I Section 8 establishes bankruptcy as a legal right. You know of course the Bible requires forgiveness of debt every 7 years if you go by a very strict interpretation of the laws codified by Moses which where given to him by God.

Olegbro please continue to consult with your lawyer, perhaps another way will be found, but if you need to have a fresh start, and can find no other way then Bankruptcy is there for you and the reason the Founding Fathers gave it to us was because they realized that many of us get caught in bad situations oftentimes influenced by those other than ourselves and wanted to be sure we had the freedom to escape efforts that might make us serfs as the crown once sought to make the colonists.

[jb300]

Well on that point I don't think abuse the system, I just got caught when the economy went bad with a new business and high fuel prices. I tried everything I could to do anything but BK and realized I just couldn't dig out.

[catleg]

My first choice would be to declare myself a bank holding company and take federal money .... if that fails, BK is plan B.

[olegbro]

let me clarify my "divorce" statements. As for many on this board, potential BK I am considering is both an indicator and a cause for family and personal problems.

Family problem and looming divorce begun much earlier than financial troubles. In retrospect, finance and business decisions fallen victim to unresolved and depressed problems that me and my wife had NOT dealt with. When your heart and mind constantly try to handle rotten reality and emotional pain - my guess, there is NO moment to make financial and business decision that require tranquility and focus.

Oleg B

[kw1025]

You have a legal right to file, a contitutional right. No one should be an endentured servant. You don't need to have a reason to file BK, other than wanting a fresh start. It is your right to dismiss all of those debts, if you want too. What will suffer is you credit score, thats it. The real estate market is not coming back anytime soon, and how long would it take to buy back all that unsecured debt. Start Fresh

[JRScott]

let me clarify my "divorce" statements. As for many on this board, potential BK I am considering is both an indicator and a cause for family and personal problems.

Family problem and looming divorce begun much earlier than financial troubles. In retrospect, finance and business decisions fallen victim to unresolved and depressed problems that me and my wife had NOT dealt with. When your heart and mind constantly try to handle rotten reality and emotional pain - my guess, there is NO moment to make financial and business decision that require tranquility and focus.

Oleg B

You might try marriage counseling. It is really up to how much effort you and your wife are willing to go to to save the marriage, and most likely compromise will be needed and an understanding that we are not perfect people, and that we have to sometimes overlook the foibles of others in order to have a more satisfying life.

If you are to the point that you do not feel the marriage can be saved, then it might be better to speak to a divorce attorney together and see what advice they might give in the matter. Most likely you'd each have to have your own separate attorney I think though for divorce.