First bankruptcies are understandable, second and third bankruptcies are in excuseable. With the new bankruptcy laws that took affect earlier this year (2009) I don’t know if you can even do a total discharge anymore on your debt.
I think the new bankruptcy laws are designed that a person considering this set up some form of debt consolidation, so the creditors do not take a direct hit anymore but definately read up on the new bankruptcy laws in your state before taking any bankruptcy action. Any type of bankruptcy is ten years of hell.
Anyone who is considering bankruptcy has to be really sure that this is the last resort and that they have exhausted all the other options. Bankruptcy is not the end of the world. I find that people that are considering bankruptcy usually have a FICO score of around 300.
If its that low, either way whether you file a bankruptcy or keep the debt and find a way to start paying on it, it’s going to take at least 10 years to get your FICO score up to about 700.
If you are carrying excess amount debt, it is going to affect getting jobs, where you live, you might not be able to go to college if you have all this debt, every business requires some form of cash handling and if a future employer does a background check and if the background check gives the employer doubt that you might steal from them because you are not stabile, that employer will pass on you.
To really survive in times when your job might be gone tomorrow, the average American needs to have at least 6 to 9 months of capitol set aside and be able to live comfortably until the next job comes.
Anyone who lives paycheck to paycheck and picks up their paycheck on a Friday and has the next paycheck spent before they have recieved it or have worked the required hours to get that paycheck has to much debt.
The day of the employer paying dental and medical and providing a 40 hour stabile work week with a fare wage are gone. Employers do not want long term employees anymore, they cost to much and the employer is the one who can take the 401K away.
The employer never suffers, its everyone else that pays and Americans need to learn to live without a 401K and start saving for retirement themselves, I am not a big supporter of bankruptcy but sometimes people need it and if it is the only way to get away from their current debt and start over, than one time isn’t all that bad as long as the person filing has learned where they went wrong and does not repeat the mistake over again..
Think of the things you can accomplish but they can only be accomplished without debt. Debt doesn’t disappear and despite what people may have heard, it doesn’t just fall off your credit report over night without some type of consequence. To recap.To really survive in times when your job might be gone tomorrow, the average American needs to have at least 6 to 9 months of capitol set aside and be able to live comfortably until the next job comes.
Anyone who lives paycheck to paycheck and picks up their paycheck on a Friday and has the next paycheck spent before they have recieved it or have worked the required hours to get that paycheck has to much debt. First bankruptcies are understandable, second and third bankruptcies are in excuseable