topic Re: I hope.... in Bankruptcy

I hope....

MidnightVoice — Thu, 27 Sep 2007 19:49:25 GMT

....that I never need help from this particular form.

But it is a great idea!!

Re: I hope....

fused — Thu, 27 Sep 2007 21:31:50 GMT

MidnightVoice wrote:

....that I never need help from this particular form.

But it is a great idea!!

Me too! Fabulous idea!

Re: I hope....

Anonymous — Thu, 27 Sep 2007 21:35:01 GMT

Yes...the option to file BK is like the option to use nuclear weapons. You really, really hope you never have to turn those keys...but on the other hand, the option is vital to your financial security.

Re: I hope....

Anonymous — Thu, 27 Sep 2007 23:37:49 GMT

I would never reccommend it but it someone had to (like I did) I would hope they would come to this forum and ask questions and do it sooner rather than later. Most people are the most damaged trying to repay or pay bills that they have no hope of overcoming.

Re: I hope....

John060675 — Fri, 28 Sep 2007 02:17:54 GMT

I almost made the biggest mistake of my life after my divorce. I was only $8,000 in debt, and I had a car payment. However, I was an emotional wreck and got behind on my payments. I contacted a BK lawyer just to talk, and he almost convinced me to declare BK with only $8,000 in debt and a good paying job!

The reason I almost made the mistake was because I did not have a place like this to turn when I needed to know the facts. Thank you for putting this area up in the forum. It will help a lot of people.

Re: I hope....

Anonymous — Fri, 28 Sep 2007 17:23:04 GMT

Brammy - if you are in the position I was in, I think you WOULD recommend it. People who say "never ever" really don't understand what bk really involves.

It does NOT mean financial death, it does NOT mean life is over. You CAN and DO recover. It is just like major surgery. It is necessary for long term health, and your recovery is alot based on how hard you are willing to work at it, and how soon you are ready to commit to the recovery.

Edited!

Message Edited by fused on 09-28-2007 07:23 AM

Re: I hope....

fused — Fri, 28 Sep 2007 17:26:16 GMT

Boscoe wrote:

Brammy - if you are in the position I was in, I think you WOULD recommend it. People who say "never ever" really don't understand what bk really involves.

It does NOT mean financial death, it does NOT mean life is over. You CAN and DO recover. It is just like major surgery. It is necessary for long term health, and your recovery is alot based on how hard you are willing to work at it, and how soon you are ready to commit to the recovery.

Edited!

Message Edited by fused on 09-28-2007 07:23 AM

Hi Boscoe:

Please be advised I have edited your post. MyFICO forums frowns upon those who post links or web site addresses to other credit repair sites.

Please feel free to post a revised message – we value your contributions!

Thanks for your help in keeping the FICO Forums a friendly, productive environment for all members.

----

Fused

Re: I hope....

Anonymous — Fri, 28 Sep 2007 20:49:08 GMT

Boscoe wrote:

Brammy - if you are in the position I was in, I think you WOULD recommend it. People who say "never ever" really don't understand what bk really involves.

It does NOT mean financial death, it does NOT mean life is over. You CAN and DO recover. It is just like major surgery. It is necessary for long term health, and your recovery is alot based on how hard you are willing to work at it, and how soon you are ready to commit to the recovery.

Edited!

Message Edited by fused on 09-28-2007 07:23 AM

Boscoe, Just curious did you read my entire post or just the first sentence? As I said and will say again, I would never reccommend bankruptcy but if you have to I would reccommend getting all the knowledge you can first. There are times when you have to llike I did and it seems we were in close to the same position.

Any regular readers on this board will probably be able to tell you that I have filed BK and have reccommended it in situations when it seemed the only way out but NOT before educating yourself or contacting an attorney.

I don't reccommend that peoplewait until an impossible debt turns into possible litigation either.

Brammy Said: "
I would never reccommend it but it someone had to (like I did) I would hope they would come to this forum and ask questions and do it sooner rather than later. Most people are the most damaged trying to repay or pay bills that they have no hope of overcoming.

Nor does it mean financial death. My FICOS are proof of that an I think I'm shorting myself 20 points across the board.

Message Edited by Brammy on 09-28-2007 04:49 PM

Re: I hope....

Anonymous — Sat, 29 Sep 2007 06:31:11 GMT

I daresay one could find people who declare BK but who should not have declared BK.

From Liz Warren's "Two Income Trap", a great many economists and studies indicate there are a great many people who should declare BK yet don't. Many BK lawyers report that clients come to them to file only after struggling for several YEARS when the person should have filed several YEARS before.

The problem with BK is that it isn't used enough.

Least you fear the insolvency of banks, the collapse of the stock market, another worldwide depression, and 25% unemployment, let me sooth your aching mind. Only about 1/3 of bad debt that OCs charge off to P&L is from BK. 2/3 of bad debt they charge off is because they just get tired of trying to collect because the person doesn't have anything to give the OC--and perhaps the debtor outta really file BK.

Re: I hope....

Anonymous — Mon, 01 Oct 2007 10:37:47 GMT

lawyers can be snakes in grass. watch them!!! I filed chapter7 pro se and it cost me 200.00 plus some stamps. that was 8 years ago. It is a long hard road without paying exorbitant legal fees on top of everything else. They do not tell you about the emergency filing which stops everything cold while you can regroup and maybe not file afterall. Do research if you are planning bk.

Re: I hope....

Anonymous — Mon, 01 Oct 2007 19:32:53 GMT

I did read the post, maybe it was me, but I didn't fully understand what you were trying to say. The part I DID understand was you saying "I would never recommend...bk". I simply disagree with that. If we are serious about giving advice in this forum, we need to tell people when bk is a real option for them.

Granted, in many cases, the answer is "talk to a bk attorney", but some instances it is obvious that a bk is probably the way to go.

Re: I hope....

Anonymous — Mon, 01 Oct 2007 23:22:40 GMT

There are many factors that go into a decision to file BK, but I think the main question is this:

Can I, while living a decent life and upholding my other non-financial obligations, with the resources I have now and reasonably expect to acquire over the next three years, substantially reduce the total debt I owe?

Note all the elements of that question. I once participated in a forum of Christians, some of whom believed no one should ever file BK under any circumstances. One member in particular pointed out to another debt-stressed mother of three, "Well, you could always get a second job, no one says you are limited to working forty hours in a week."

The problem with that idea is that, in addition to only making minor inroads into the woman's debt load, she would be unable to spend any time with her children! I asked the original "no BK ever" poster if motherhood was a less meaningful obligation in God's eyes than money, and to my astonishment, she unloaded a sermon on me that basically said "Yes!" I figured at that point in time the woman had simply lost all sense of perspective in her quest for self-flagellation--even most of the people in the forum broke ranks with her over that one.

The bottom line is that whether or not to file BK really boils down to the cold equations. All well and good to ruminate over the morality of whether the debt should have been incurred in the first place, except it does nothing to alter the numbers. As a believer in the law of attraction, I also feel obsessing over guilt and debt simply prolongs the debt and worsens one's financial situation. Someone so far in debt they need BK protection urgently needs to focus their thinking on prosperity, not debt.