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Bankruptcy exists to provide a legitimate and appropriate solution to real problems. There are significant consequences, but there is definitely life after BK.
I have had 2 CH7 BK discharges. The first time I was using credit to live well beyond my means. The second time was a business decision. The last one dropped off my credit reports in 2010 and I swore never again. Last year I ran into some pretty major financial trouble, and did think about BK, but I just couldn't accept going through that again and carrying that burden for 10+ years. So I came up with a plan, did what was necessary, negotiated with some people, and worked through it. Last year's financial problems are now long gone for me and I feel better about myself for handling it that way.
Anyway, filing BK doesn't make you a loser. If you learn from it and don't repeat the actions that got you there, then it is a life lesson.
Yes.
I first filed in 2009 after years of poor decisions made during my early 20's. Which got incredibly worse once I lost my job in 2008.
Now, ten years later, I have found myself in a similar situation. I was without a full time job from 2008 to 2014! I finally landed something and have been trying to unbury myself after years of living off of credit cards (paying bills, groceries, etc). It was not ideal by any means but I had to do what I had to do. Not everyone has parents they can go to for financial help. I certainly am not one of them!
I filed a couple of weeks ago and I have my 341 meeting next Tuesday. I am anxious to get it over with as I have a car payment I can no longer afford. I did not reaffirm the lease and I'm scared they'll come take it away anyday now....and of course I need the car to get to work 25 miles away from where I live. I hope I can get a discharge asap and into a new car payment before the repo man arrives. I did agree to keep making payments...my hope is that will make them happy until I call them to say come and get it. Now only if the bankruptcy would wip away my 215K in student loan debt! I hope it does.
Anyway, the morale of the story is...yes it happens to the best of us. If you need to file. That's what it's there for.