Check out our featured article of the week : 2009 - The Year to Get Rid of Debt Feel free to share your thoughts and post a reply below. We would love to hear them!
Interesting artcle/points - BUT to really rid yourself of debt people should file - if they qualify - Chapter 7 bankruptcies.
I disagree. Bankruptcy should be the last resort. While you and many others seem to think there is little consequence, the bankruptcy can stick with you for the rest of your life for things like mortgages, life insurance, and good jobs.
@ Hedwig- I agree. People should only turn to bankruptcy as a last resort. If you have the means and the opportunity to pay off or settle your debts, then you should.
I didn't even really have the means. If you search some of my OLD posts (years ago) you'll find my story. I got stuck with about $77K of credit card debt in a divorce. I couldn't BK because it would have cost me my job. I canceled the cable, worked three or four jobs, and did what I had to to pay off what I owed. It's still not all paid. Not what's sitting at .99% or 3.99%. That will be paid at minimums until it's gone--I can make more than that elsewhere.
Bankruptcy is legally bailing yourself out. While there may be future consequences to filing - mortgages, insurance, good jobs (according to Hedwig) these consequences do not outweigh the freedom from debt - no more hounding phone calls, threats, etc. from creditors and their collection goons. Yes - younger folks in their 20s, 30s , and maybe early 40s,should be concerned about possible consequences as outlined by Hedwig but for us older folks bankruptcy is often a matter of survival.
