@Anonymous wrote:
@krielly wrote:I hate the fact that so many people have the attitude that BK is just this treacherous thing, and should be avoided at all costs....UGH!!!! Yes, it's difficult, and requires sacrifices, but it is not the end of the world, or the end of your life. In fact, it can be a new beginning for many. That's why the law exists!!!!!!!!!!!!!!!
BK is not for everyone. However, it is not necessarily the worse thing you can do. Each person's scenario is different. To say that BK should be a last resort is not an appropriate blanket statement for everyone. There are MANY worse financial decisions people can make prior to eventually filing that can make the situation even worse when BK becomes inevitable.
Anyhow.....I pm'd you a link to a wonderful BK forum. It's an awesome place with many supportive folks just like us who have found ourselves in the situation of barely staying afloat.....Best of luck to you....with whatever you decide either way.
krielly - I hate to sound or be argumentative, but I do respectfully disagree with almost every element of your post. The posts made by others were not offensive, nor attacking the OP. But they did provide some alternative perspective.
1. BK is never a new beginning if the person does not make different financial choices. The OP did not experience life events such as death, catastrophic medical, etc. They "found themselves" in an overextended position by living beyond income using credit.
2. BK is appropriately the "last resort" because it is the last action, short of some type of payment or settlement.
3. Who sacrifices? Not the person filing. They lose their debt and potentially access to credit in the short term. The sacrifice is born by the lender, and then by the collective of paying consumers (all costs are passed on by business to the consumer).
4. The laws do not exist to give a new beginning. They exist in order to provide a last resort in the face of financial crisis that cannot be resolved in any other manner.
5. For somebody to be unwilling to truly sacrifiec, by cutting back in all ways possible, and to attempt to honor their lawful debts, is an alarming trend. And it is for this reason that BK laws were amended to make them harder to file (2005).
6. The items I posted previously are all very appropriate and if somebody is unwilling to make any cuts and concessions, then IMO they don't deserve credit.
But again, my main point is that very often a person "found themself" barely getting by due to poor financial habits. By eliminating the debt and not eliminating or fixing the problem that got them their in the first place is very unlikely to resolve the issues long term. And long term they may find themselves in similar financial problems or without retirement, etc.
I believe that it is appropriate to discuss both sides and all elements of BK....not to just sugar coat it. It is going to create financial and credit challenges for the individual, but there is also the consideration of legitimate debt and if it can be paid back. If there is no hope and nothing can ever be done to resolve it, then some type of settlement or possibly BK is appropriate.
But I stand firm that, IMO, it is an improper use of BK to use it to avoid inconveniences, cutbacks, budgets and sacrifice such as I outlined in my previous post. And that is what this forum is about....contribution and information freely shared. And the reader can do with the information what they choose.
Great post txjohn. Don't ever leave these forums, ok
Even if I don't agree with you all the time, your arguments are well thought out, explained in detail, and always in a positive light. Good job!