I guess all you that don't understand someone going in to bankruptcy don't have to.

You still get left holding the bag anyway whether you like it or not.

 

Jeff,

Then should we be concerned? Is there anything we can do to stop it?

Regards,
Scott

 

78-

If you read me post on being happy in life- my advice is to not worry about things that we don't have control over- such as whether someone else declares BK.

 

Agreed...

Scott

 

Justify it any way you like. Whatever makes you guys sleep well at night. Rack up those cards, finance expensive automobiles, buy a house that almost but not quit overextends you. Save 6 months worth of bills and then go hog wild.

File Bankruptcy when it all comes crashing down. The best part is you don't really have to lose anything. You can keep the house and car and wipe the slate clean. Its the best thing you will ever do. After all you have to worry about those payments.

You guys keep living in a fantasy land where everything is free and the government will bale you out when you get over your head. I along with the rest of the folks who know how to manage money and credit will keep towing the line.

Life is tough. You can either prepare yourself to deal with it or you can wait for someone to throw you a life line. I prefer to control my own salvation.

KTM, 6%- 7% is where we all start, the 23% That I was refering to is the mark up after any minor hicup.

 

This post pretty much sums it up for me.

If I just file for bankruptcy, I don't have to worry about it anymore and it's not my problem. How nice and convenient - FOR YOU. What about the guys you left holding the bag? ie all the other consumers that are financially responsible and pay their bills.

I wouldn't want anyone to actually worry about whether or not they can pay their bills.

ktmguy70,

Those are tragic circumstances, and under those conditions, there isn't much a person can do, regardless of how well prepared you are, though being prepared would lessen the burden considerably.

I don't think those kinds of conditions are behind most bankruptcy claims, in fact, I'd guess the VAST majority of claims are due to the reasons that haulingboat and others have presented.

If you lived in Canada, your scenario wouldn't be a problem.

Kannata

 

the 23% is because of YOUR hiccup not mine or anyone elses. I sleep Perfectly well at night, I have more than 6 months worth in savings.. My wife lost a 45,000 a year Job and is now making BARELY 20,000. So seeing as how we lost 25,000 a year and are still mangaing without breaking our savings, We are doing O.k

We Only financed 9,000 Dollars for Our Excursion Limited, Its the only car payement we have.. And will be paid off in 2 months.
Our Mortgage is $2,050 a month. So other than Home and Utility Bills we have really nothing to owe anyone. We have 4 kids, and Honestly anything is a possibility.

I feel really good about my financial situation, But I, nore anyone else can predict the future.

Think of it in Army terms, You can drive the most advanced Tank in the world, be the best soldier in your platoon, but when you go out on patrol alone, and your Tank quits running youre at the mercy of the enemy shooting at you. You can be prepared all you want, It wont change the outcome..

Ron
00 Excursion Limited 4x4 V-10

 

Kannata, I agree, those are extreme circumstances I mentioned, but the point is, that although a a majority file because they just didnt manage their money, there are Many, MANY that file for medical reasons, You just cant plan enough, It happens. For someone to say there is NO reason that they could see anyone should file is ludicrist.

Another scenario, Such as In my divorce.. What is in savings gets cut in half. You use to have 15,000 in savings, you now have 7,000 in savings and if the OTHER person doesnt feel like holding up their end of the marital debt, Then you just sink..
I dont think many people PLAN on divorce and the affects it can have on Finances.. Your salary gets cut in Half, your Savings get cut in half, and your bills all remain the same. Most get second Jobs, but Because your Making more money, then the Courts can award more money so it doesnt help alot..

Ron

00 Excursion Limited 4x4 V-10

 

When I was a kid I thought I might follow some of my Uncles path into farming. Listened to my old man and watched my Uncles over the years sell parts of family farms -to make it through hard financial times- eventually real estate made them big $$ but had it not and they had wanted to still keep farming I imagine 5 years of bad crops / poor cash flow would have sent them to the auctioning block or some form of bankruptcy protection.


I can't pass judgement on what drives another man into bankruptcy. Touting poor money management -- is a knee jerk response I hear often...I don't think its that easy.

I think if you're on the verge its better to seek counseling sooner than later -- protect what you have so you can rebound quicker.

 

.....................Well hb , this orta heatup your bilge water!! I JUST filed for CH_7 this afternoon. Yep, My lawyer should be filing the paperwork as I post this "Declaration of Freedom" from that darn Visa Virus that seems to affect all of Us to some extent.
....................And, I finally feel like I'm free for the first time in 2 years. Those Sap Suckers can jump off a credit card cliff as far as I'm concerned.................s.kuteman.....

 

Bankruptcy is always going to have a negative connotation in our society. For every dollar someone is allowed to "write off", there is a person on the other side of the equation that provided a good or service in good faith and was refused payment. Somehow, their problems turn into yours.

 

[QUOTE]Originally posted by skuteman
[B].....................Well hb , this orta heatup your bilge water!! I JUST filed for CH_7 this afternoon. s.kuteman....
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Well then congratulations. Those sorry dogs force a credit card on you and then charged the moon on it. Thank god the US government was there to save you from those man eaters.

I hope you enjoy the next seven years.

 

KTM, thats twice you have accused me of having bad credit when you haven't a clue. Stick to what you know to be fact and leave the assumptions and accusations alone. Congradulations on the financial success.

The truth is any time you pay any interest beit 6% or 23% to a card company you are paying for the slackers. The only way to use credit wisely, IMO, is to only borrow what you can immediatly payoff.

I was fortunate to have a sister that made all the wrong credit choices. I learned from her mistakes before having the oppurtunity to make my own. She did not cop out. She dug her way out.

I've held two cards my entire life. I use one to earn free airline miles (going to Hawaii in April for free). Anything that goes on the card is payed at the end of the month.

Cash is king. I have yet to find anyone that does not except cash.

 

Sometimes it is a necessary evil. I have been there done that. I hate when people do it as well just to "achieve things " as many do or they live high on the hog and think there is no tomorrow. I personally took bankruptcy on a very little amount but I was forced into a situation whereas there was no other way out. I got sick with a very strange intestinal tract disorder that took almost 2 years to diagnois even by the best specialist meanwhile I was unable to work for that period of time and spent most of the time in a hospital bed, losing 1/3 of my body weight and nearly my life. I had previously made alot of money , then went to making $3000 total in 2 years due to this illness that nearly killed me. I was supporting 4 people at the time. It s only in the last 4 months that I gained back 50 pounds and am able have a decent life gone is everything I ever obtained, and you can guess it she is gone as well (BIG SUPRISE). Now I have bad credit, nothing and no one- but I am still alive. So, see not everyone is just is lookiing for a free ride in fact I tried working with everyone and not one tried wiht me all or nothing. I paid all the principals off as well as most of the intrest rate, I guess they assumed I would get well and pay it all off- but I wasn't able. I would any day rather have kept working not became ill, and still have a family. But, after all the smokes clear i have come to understand that I have just about what I actually need in my life.

 

[QUOTE]Originally posted by skuteman
[B].....................Well hb , this orta heatup your bilge water!! I JUST filed for CH_7 this afternoon. Yep, My lawyer should be filing the paperwork as I post this "Declaration of Freedom" from that darn Visa Virus that seems to affect all of Us to some extent.
....................And, I finally feel like I'm free for the first time in 2 years. Those Sap Suckers can jump off a credit card cliff as far as I'm concerned.................s.kuteman....


It's not the card issuer that should take the plunge, it's the irresponsible user. I have several credit cards and use them almost daily. Not once, in my 30 years of having them has any card company put a gun to my hear and made me overextend myself. It's a personal choice and one that demands responsibility. Filing for bankruptcy because a person lacks self-control, IMO, is just plain theft. We all have to pay for it.