Just File!

Don't feel guilty about filing BK.
For most people this is the main issue - guilt.
Everyone wants to pay their bills.
Not everybody can because they got themselves in way over their head.

I've worked for a bank in collections. I've also been chased by collectors after a divorce. I haven't filed myself.

However, I just paid for a relative to file because there was no way out for her. She had a 300/mo negative cash flow situation.
All of her bills are current right now. So I decided to take her to an attorney to file BEFORE she want past due. This will save her an enourmous amount of grief and harrassment from creditors and collection agencies in the months to come.

Banks don't care if you file BK or not. You're just a statistic in the millions of accounts they have. The problem that I have with all of banks and credit card companies is: They issued over 15k in credit to someone who was on welfare with 2 kids. Did the banks do their due diligence in examining her income before they extended her credit? NO. They issue credit based solely on a credit score - which has no direct correlation on someones current ability to pay future debts. I blame the banks and the credit card industry for loan sharking money to people who can't afford it.

So don't hesitate to file BK. It is a law that was enacted to prevent harrassment and (formerly debtors prison). Use it if you need to.
The collection agencies can only collect on debts from people who don't file.
So what are you waiting for?

It continues to amaze me what people will endure because of guilt.
Just wipe the slate clean, get a fresh start, try to learn from you mistakes, get in the habit of using cash to buy everything for the rest of your life and you'll never be back in this situation again.

Learn - don't burn.

cbitwtubk

I think you have a GREAT point, and this last part is worth repeating... What's done is done-learn from it & learn to not rely on credit.



Don't feel guilty about filing BK.


It continues to amaze me what people will endure because of guilt.
Just wipe the slate clean, get a fresh start, try to learn from you mistakes, get in the habit of using cash to buy everything for the rest of your life and you'll never be back in this situation again.

Learn - don't burn.

cbitwtubk

WOW, thank you very much. I do feel guilty for filing for bk but you are right I shouldn't.
The CC industry puts individuals at risk for failure. They should do there homework first before lending to consumers. Now, the laws have changed to protect cc companies not the consumer. The law should of been changed for how mcuh money is being borrowed not the bk laws.
I have learned from my mistake and won't let it happen again. thank you!!

Kind of like what my lawyer said when I showed him my sig loan for $1,000 He said "What was that for?" I told him it was back amounts owed on CC's but not enough, they wanted more..

He said "That's when the slide becomes faster and faster..I've had people come in with $10,000 worth, you cut it off in time"

Great post cbitwtubk. My wife and I have struggled for over a year now and it finally caught up with us and we could no longer keep current. Although, I must say that I was no way going to keep robbing Peter to pay Paul. Did that several years ago and had to borrow equity to pay off the mound of CC debt. Speaking of that, when I look back at that situation, I don't think the bank should have ever given us that loan. We really couldn't afford it, but they said, "Oh, we're here to help." "Don't worry, we'll go to bat for you and get you what you need." Then recently, my previous employer had struggled to get work coming in and my hours had been cut 2 to 3 times per year for a duration of 4 to 8 weeks each time. So, it eventually got the best of us. There was more money going out then there was coming in. We have just filed Chapter 7 and we are surrenduring our home.

But anyways, thanks for your inspirational post.

cbitwtubk is right people. Do not feel guilty about having to file BK. It is our lawful right! And besides, think about the fact that you will be able to start all over again. Imagine what your lives will be like from now on......knowing what you know now. And imagine about how well you'll be able to manage your finances and provide a better way of life for yourselves and for your families. Just imagine about how great it will be............just imagine.

Yep and another thing is the constant barage (sp?) of "what is your credit score?" its all over the net, tv, and radio. Like it's some sort of status symbol. I guess it is for some who haven't had the unfortunate luck of being laid off, hit with medical bills, or whatever the case. I used to think I had to keep my credit score high and just could not miss or be late on a payment because it's constantly crammed down our throats.

I charged debt to pay debt and that was ridiculous. I look back now and almost want to blame the entire credit industry for at least 25% of my debt on all 3 cards. But all in all, its really my own fault and I strive to be an accountable individual.
If I can't get back up on my feet within the next year or so, then I will file BK and have no shame about it. I don't even care about my credit score anymore, I hope it goes to 50 :aggress: . I really do. I'm never going to use credit to pay for anything again unless my car breaks down and I'm forced to.

I just seen on my local news that CC companies made over $14 million on just late fees, interest, rate hikes, and whatever fees alone. This is not including their profits from principle payments. They made their money from everyone and then some... do I feel guilty? Nope, not at all.