Is bankruptcy a bad thing.............

[pamkev]

For us it became a business decision and the best one we have made in some time. We have a contractual obligation to the banks and CCs but a moral obligation to our family and ourselves. Yep should have done it sooner.

You are so right should have been done it couple of years ago but pride stood in the way. Pam

[Jimbob4219]

Things happen and it is not the end of the world. Someone once said to me if the only problems you have are financial, it's not a problem.
Difficult to deal with to be sure but not the end of the world. Can be very stressful
Filed two + years back and discharged Chapter 7. Still alive and getting back on track.
There are worse problems in this life that BK

[AngelinaCat]

Hi jimbob4219. Welcome to the forum. We are so glad you found us.

[pamkev]

Things happen and it is not the end of the world. Someone once said to me if the only problems you have are financial, it's not a problem.
Difficult to deal with to be sure but not the end of the world. Can be very stressful
Filed two + years back and discharged Chapter 7. Still alive and getting back on track.
There are worse problems in this life that BK

Thank you for your comments as we have survive many things which I thought were gonna put us under (worse than BK) so I have to look at this as another blip in the road and survive this also.

[RainMoM]

This Thread makes me smile I always tell my family, just remember when we " go" we can't take it with us anyhow. e.i. house, car, ect ect... Life will go on after Bk Good luck and God bless ~

[msm859]

No one thinks twice when a corporation goes bankrupt. Well if corporations are "people" then people should be thought of as "corporations". This should purely be a BUSINESS decision and used to put you in a better financial position. There is a huge propaganda machine out their to convince everyone to chase FICO scores and to stigmatize a bankruptcy - don't fall for any of it. The Only one who is going to look out for your well being is yourself. The only "bad" thing is that too many people exhaust their exempt savings before they realized that filing for bankruptcy is the "solution". To the extent one made some mistakes that contributed to their financial situation, hopefully they will learn something and move on. As for me, filing was a no brainer and a great business decision.

[pamkev]

This Thread makes me smile I always tell my family, just remember when we " go" we can't take it with us anyhow. e.i. house, car, ect ect... Life will go on after Bk Good luck and God bless ~

As the OP this thread has been such a relief as anytime I'm feeling bad I come back here and read all the positive posts Now if I could only figure out how to put all those smiles I would be all set

[keepsmiling]

Pam, when you reply, click the "go advanced" button. You'll find lots of smilies. Or you can just do it the way you do in email, press ":" and ")"

[pamkev]

Thanks

[btbeme]

My take on BK, for what its worth...

To me, the most important takeaway from filing BK isn't the relief of having crushing debts swept away, or having money left at the end of the month. It isn't the shame of having to file and the destruction of my credit that made me hesitate (these fears were unfounded, as I learned). For me, it was the prospect of Starting Over that gave me pause.

Was I ready, willing, and able to make lifestyle changes so I could live within my means after discharge? Was I ready to take seriously the gift of a "clean slate" and not screw up again? Could I put into place a financial plan that took accidents and surprises into consideration so they didn't derail my plans for living and retirement?

Those were the tough questions. Tinkering with my lifestyle was the hard part. But a year and a half out from discharge, I have a lifestyle I can enjoy and afford, as well as almost a year's living expenses in the bank. I have more time for family. For me, BK was the right answer. Easy? No. Fun? Certainly not. Lessons learned? You bet. Better off? Unquestionably yes.

[pamkev]

My take on BK, for what its worth...

To me, the most important takeaway from filing BK isn't the relief of having crushing debts swept away, or having money left at the end of the month. It isn't the shame of having to file and the destruction of my credit that made me hesitate (these fears were unfounded, as I learned). For me, it was the prospect of Starting Over that gave me pause.

Was I ready, willing, and able to make lifestyle changes so I could live within my means after discharge? Was I ready to take seriously the gift of a "clean slate" and not screw up again? Could I put into place a financial plan that took accidents and surprises into consideration so they didn't derail my plans for living and retirement?

Those were the tough questions. Tinkering with my lifestyle was the hard part. But a year and a half out from discharge, I have a lifestyle I can enjoy and afford, as well as almost a year's living expenses in the bank. I have more time for family. For me, BK was the right answer. Easy? No. Fun? Certainly not. Lessons learned? You bet. Better off? Unquestionably yes.

A Big thank you your post really makes one think so far hubby and I have been doing good on a budget although its only been about a month and so far so good

[frogger]

No. Bankruptcy is not a bad thing.

Congress was given the power under Article I, Section 8, Clause 4 to legislate for the (uniform laws on the subject of bankruptcies" in the United States when the US Constitution was ratified in 1789.

It has changed many times and in many ways since then, but bankruptcy is not, has not, and will never be a bad concept. The few that abuse the system are what gives bankruptcy the stigma associated with it.

Like most everyone on here, we delayed as well, and should have done it before we did, instead of waiting a few more years to try in vain not to file.

Get over it. Live goes on........

[pamkev]

No. Bankruptcy is not a bad thing.

Congress was given the power under Article I, Section 8, Clause 4 to legislate for the (uniform laws on the subject of bankruptcies" in the United States when the US Constitution was ratified in 1789.

It has changed many times and in many ways since then, but bankruptcy is not, has not, and will never be a bad concept. The few that abuse the system are what gives bankruptcy the stigma associated with it.

Like most everyone on here, we delayed as well, and should have done it before we did, instead of waiting a few more years to try in vain not to file.

Get over it. Live goes on........

Thank you for your insight. I love your user name it reminds me of my mom she used to collect anything frogs while she was living

[lindadale]

It is important to understand that bankruptcy provides you with an opportunity to rebuild your credit. Bankruptcy gives us the opportunity to start over as your past debts will be discharged and will have the opportunity to live a debt free life. So consulting bankruptcy attorney & filing bankruptcy is not going to harm you rather it helps us to remove financial stress.

[pamkev]

It is important to understand that bankruptcy provides you with an opportunity to rebuild your credit. Bankruptcy gives us the opportunity to start over as your past debts will be discharged and will have the opportunity to live a debt free life. So consulting bankruptcy attorney & filing bankruptcy is not going to harm you rather it helps us to remove financial stress.

Thank you. Going to see the lawyer today who I think we are going to use as I have more questions if we feel this is the lawyer to use we will retain her if not I will pay for the visit and think about it We heard about another lawyer who is tops and really fights for the consumer thinking about making a appointment with them for a fee consult and they decide between the two.

Pam