I hate money

It has helped me in my case. Literally saved me from a MOUNTAIN of medical bills which no person could ever afford, unless you have a supply of endless money. Some people have had a good experience and others have had horrible experiences. You will more than likely here both sides of bankruptcy.

The bankruptcy laws were designed to help people who face an undue financial hardship in which they cannot reasonably recover. For many people, it is a good thing and serves a useful purpose; it starts a person off with a clean slate, where they can continue their life as normal without wondering how they will be able to pay all their bills. I have seen/heard many success stories where a person has been discharged through bankruptcy and has gone on to be very fiscally responsible. Albert Einstein went bankrupt in his lifetime.

On the other hand, I also think there are a lot of people who abuse the bankruptcy laws and use them as a way to get free money. I also think some debt problems can be overcome by changing your spending habits. (IE instead of buying a brand new Lexus, get a Chevy that is 1-2 years old; or instead of going to the bars and clubs every night, maybe keep it down to a Friday.) We need to live within our means, and I think many people use bankruptcy to justify living beyond their means. As my coworker says, a lot of people "want to live a champaign life on a beer budget." It also doesn't help when ***** ******* ****** airs his commercial that says "you have a right to stop paying your bills... call us today."

[samebox:3ed852b7fd="Vikas"]* Name removed on request. Email on file.[/samebox:3ed852b7fd]

I agree with you DebtCruncher, about living within our means. I have a friend that is very "high maintenance" and every payday, she has to go and get her hair and nails done and whatever else. Her "high maintenance" routine comes before anything else, such as paying her bills.

I 100% agree with Debtcruncher.It's to help people get back on their feet with a clean slate. It does not make someone a bad person if they file.It should always be the last option though ,after exploring all other options.

As for the new laws they were made for the people who abuse it.I know a woman who filed all the time.She would charge up then wait awhile then file again.Now that was abuse and is exactly what makes things hard for the honest people in the world.

brownsugar, Iknow someone like that too.They can go WalMart and get the nail strengthner ,polish remover, and polish for $5.It will last them 2 months.

If your situation demands that you need to file for bankruptcy because of no other options left, go for it. Don't think about your credit because it is already tarnished. And if you don't do it in time, you'll be inviting legal problems from creditors, collectors hounding at your back.

Before finalizing your mind, other options should be considered for once. credit counseling, debt settlement, or making significant lifestyle changes can help you in getting control of your debts and avoid bankruptcy.

Credit can be improved within one year after debts are discharged in bankruptcy. Don't wait for long. The best possible way to repair the credit will be by opening few accounts. You may be paying higher interest rates but that's the way to start the rebuilding process.

I hate money too. Wish we didn't need it.

Ya know when you are sitting in a chair with four legs, and then you lean back to balance on the back two legs, and then you lean back a little more and you suddenly feel like you are going to fall backwards so you hurry up and lean forward and grab the table so you don't fall over?

I hate that.

Jeff-you have way too much time on your hands :lol: Karen

I filed bankruptcy back in August, and it was my last resort. I got into serious debt around my last year of college and after graduating I was in between jobs and moving around and trying to establish myself. On top of that I will admit I wasn't smart with my money. I tried a debt consolidation company for almost three years and not one thing was paid off, so that didn't help me at all. (I will say that company is now facing a lawsuit) Anyhow, I had tried everything for almost 5 years and I just couldn't get control of it and I contimplated bankruptcy for about 6 months, I even signed up for another consolidation company and it just wasn't working. After meeting with counselors and lawyers it was decided that bankruptcy was the best for me. Everybody wanted there money and they wanted it now, I was getting ready to face lawsuits and I was going be getting garnished, which that would have made things worse.
It's different for every individual. I wish I wouldn't have had to do it..but it was the best thing for me and I don't regret doing it.

My problem isn't money,as much as it was there was never enough! Or, alot of times my priorities were messed up and did alot of spending instead of saving or paying bills! Thank God for this Forum and learning some really tough lessons! I kept doing the same thing over and over, expecting different results-found out this was the definition of insanity :lol: and I was!! My mom had to file bankruptcy after my dad died, so there are alot of legit reasons to have to do so. But my sister-in-law and her husband just kept spending and filing again and again, this was years ago. That has to be a personal decision, but you are doing right by researching it, and getting others experiences. Good Luck-let us know what happens..Karen

I filed in 2000 because it was my very last resort. I had no choice and for seven years, I have been paying the consequences of that choice. But seven years before that I was paying for the consequences of my actions by having overwhelming debt. I would only file when you have no last resort.

Have you tried to working out arrangments with a debt consolidation company or with the creditors themselves? Have you reached the point where you have no alternatives?

Unfortunately, you may need to file. Like everyone has said, it can be a benefit financially. It gives you the opportunity to start over and start fresh. The negatives are that it will be on your credit report for ten years (which if you look at it, it is not very long) and you may have a hard time getting other kinds of credit such as credit cards, loans etc. But that only matters really in the first two or three years. I have credit cards and loans both.

It does give you the opportunity to share with others and make sure that they don't fall down the same trap you have.

Be forewarned that the laws have changed since I have filed. For Chapter 7 (which I am assuming that you are filing) you may have to work out a debt consolidation plan first with your creditors (someone correct me if I am wrong) before you can file.

Yes, I hate money. I think that it is the root of all evil on this planet and I wish it was destroyed in a pit of fire along with famine, war and disease. But since that it is impracticable and impossible for us normal humans to do, we must accept that it is here. But we can learn how to manage it well, prevent it becoming the ruler of our own worlds and make sure that we are secure to be able to provide for ourselves and our families.