Comments on: Bankruptcy…an easy way out?

By: Elizabeth Winter

Elizabeth Winter — Fri, 19 Jun 2009 20:19:10 +0000

In its origin, bankruptcy was established to protect the creditor, but has been changed many times over the years to protect the debtor. Unfortunately so many people have taken unfair advantage over the system and now its even harder for the honest man to get ahead.

I agree, it is life changing. But could change your life in a positive way as well.

Thanks for the post.

By: Julia

Julia — Tue, 31 Mar 2009 20:38:04 +0000

The worst bankruptcy in the world is the person who has lost his enthusiasm.

By: Ben

Ben — Tue, 17 Mar 2009 23:26:45 +0000

Bankrupcy for many is the only true option to get out of a sticky debt situation. But many people do file bankruptcy when they do not have too. A great alternative to having to go through a bankruptcy is debt negotiation otherwise known as debt settlement. It may not be an easy way out, but it will save the debtor quite a large sum of money and help them become debt free pretty quickly. Avoiding the longer term negative consequences of bankruptyc.

By: cue directory

cue directory — Wed, 11 Mar 2009 00:39:33 +0000

After reading this, and some reflection on my own life, I can’t help but think that financial planning should be a required course in high school. Maybe even two or three courses, and mandatory for graduation from high school. Heck, how about a couple in college? Maybe something like this will help prevent bankruptcies.

By: Don

Don — Fri, 20 Feb 2009 12:35:51 +0000

Reading the article and the comments, I think bankruptcy should be a last resort. There are a lot of consequences that we might have to bear for years. Managing our personal finance is essential so that we can avoid bankruptcy.

By: dheeru

dheeru — Tue, 10 Feb 2009 05:46:29 +0000

I think the government is too soft on bankruptcy. After getting the taxpayers money as bailout, the bankrupt institutions are still run by the same people who are responsible for this present day situation in one way or other.

By: Kevin

Kevin — Mon, 05 Jan 2009 12:40:16 +0000

A thought that may or may not have escaped you is that bankruptcy is especially harsh for government employees who need a security clearance (and this includes military). Having too much debt or even some bad debt and especially a bankruptcy can cause you to lose your security clearance or not even qualify for one to begin with. Too much debt, bad debt, and bankruptcy makes you a target and a potentially less trustworthy employee.

By: Mason

Mason — Sat, 20 Dec 2008 19:52:36 +0000

My brother filed for bankruptcy five years ago. It DID NOT wipe the slate clean. He ended up paying credit card bills and other bills his divorced wife racked up before their divorce. The judge looked at his income and said well you make good money and your former wife doesn’t…so he had his wages garnisheed for five years. Bankruptcy CAN “follow you” for many many years.

By: Fundamental Problem With Debt Consolidation | The Happy Rock

Fundamental Problem With Debt Consolidation | The Happy Rock — Wed, 19 Nov 2008 05:18:28 +0000

[...] helps people escape the symptoms of their problems without having to actually address the issues. Bankruptcy and bailouts usually have similar deleterious effects. People who roll their credit card debt into a second [...]

By: Sam from DebtCC

Sam from DebtCC — Wed, 12 Nov 2008 11:38:28 +0000

Ok guys, I thought I would share something that happened to me late last year.

Me and my husband were really feeling the heat with all our expenditure and rising credit each day. Period. Came into play 2 friends. One was my friend and another was my husband’s. My husband’s friend (who had declared bankruptcy himself) somehow managed to make my hubby understand that its time we filed bankruptcy too. My husband agreed! I was not convinced though. Now my friend, (who had gone through the same thing herself) shared with me everything that she had learned when she had faught her way from becoming bankrupt. I came to the conclusion that bankruptcy would be the last resort for us. I am glad my husband realised the same and both of us chose to consolidate all our debts and joined a debt settlement program. Online debt forums were a great help too.

I would suggest people not to take filing bankruptcy as an easy way out. We should rather manage our finance well and the debt burdens would automatically be much lesser.

God bless