Bankruptcy-did you know?

I feel for the youngsters not having the proper knowledge about their credit. No one is stopping from enjoying your youthful days, but at the same time you should realize that your credit file is very important in front of your future lenders.

Filing bankruptcy at a young age is not a good decision. Your life is just at the beginning stage and you are trying to put a scar on it for the next 10 years. I found this page interesting in the site focusing this issue.

http://www.debtconsolidationcare.com/avoid-bankruptcy.html

Anyone here who supports the decision of the youngsters filing bankruptcy? Let's get a deeper insight and know the reason from the other side.

I was a youngster who filed bankruptcy. I was 22 and had 21,000 in credit card debt. I didn't even know what I had spent it on. My degree program was such that I didn't have time to work a 2nd job, and the one I did have paid for college expenses (tuition, living, etc). My only option was bankruptcy. I still had 1 year left of school and couldn't bank on the fact that I'd get a great job just after graduation. I am not sorry I made that choice. It was the right one for me. I weighed my options for quite some time and that is what I had to do. I learned from it, my interest rates on cars and such are much higher now, but such is life.

I had to file also, My situation was a little different though. I was mid thirty and a widow. I was forced to support myself with the little money I made. I worked three jobs until I just could not do it anymore. Sucks but what are ya gonna do......

I was 26 years old when I filed for bankruptcy. I weighed my options for nearly 3 years, worked overtime as much as I could, and still try to go to school full-time. But I couldn't take it anymore. My ex-husband wasn't any help with finances, so I was pretty much stuck with debt that I couldn't catch up on. I read in a book, aimed toward people who are in their 20s and 30s, that parents should speak to their children about being financially smart as much as they speak to them about the importance of protected ****. So becoming financially educated starts at the home and children tend to pick up on bad habits at home. If they see their parents blowing money and getting things that they really can't afford, their children will often do the same as they get older. Also, credit card companies feed off of college students. You see their offers posted up all over college campuses and having credit card reps stopping students as they walk to their next class asking them to fill out a credit app.

[color=Red]****Adult term removed - Jason[/color]

I even tried consolidation beforehand. It got to the point where I could not afford the payments. I was still struggling to make those consolidation payments when I had my first appointment with my attorney. I walked in crying and he said, I think you have paid everybody enough now lets help YOU. Thank goodness, time has passed and in just a few short years this too will drop off my credit report. I had just such a crappy 6 to 8 years. Gezzzzzzz

I tried debt consolidation as well, but it was no help. When I went to see my bankruptcy lawyer, he was like Chapter 7. He didn't even mention Chapter 13 or even attempt to discuss it with me. I feel a lot better after filing for bankruptcy and have learned my lesson. Not the step I wanted to take, but it has relieved a lot of stress and the phone isn't ringing off the hook. :lol:

Ok, should bankruptcy be considered when we are unable to afford the payments by all means? I may think that I have huge bills to pay and at present my job is not paying me much or I am without a job. I can't get the help from my friends and relatives, so bankruptcy is the route. We all know it's consequences but still had to take this hard decision?? Now, let us teach our children and stop them from making the mistakes we did. Teach them not to overspend and live on hard cash only. If we don't have huge bills lying in our table, we won't need to take such decisions at all. I liked the opinion of ChocolateBeauty when she said that education should begin from home. Our children will grow up as matured individuals if they learn from our serious mistakes.

Bankruptcy is an option - like consolidation, like settlement, while it should perhaps be your last option, it is there. Bankruptcy is a action of law to help those who have tried and tried and tried and cannot help themselves. Unfortunately, there are people out there that abuse it - and that is what makes it sad.
To touch on other topics, money management is SO important to teach your children and loved ones. I'm currently working through teaching my boyfriend - he always spent for himself before paying those he owed (and that doesn't make credit card companies very happy!).
I really hope that anyone who considers bankruptcy only does so as a last resort. Weigh the options - try to pay off the debt before having it "erased from memory" forever - just remember, the years it does stay on the credit report seem like FOREVER. You do pay the price.

I agree with it is the last decision. I did it when all else failed. I saw myself sinking fast and could hardly pay my utilities. It got bad for me. Unfortunatley, my parents never taught me how to budget each month. I just got my paycheck and what bills I had I paid. What came in between paychecks, I had to rob peter to pay paul if ya know what I mean.