Do we "deserve" a clean slate?

[Genenco]

Things in the past were always easier, whether biblical, 1950's, etc. However, credit cards, predatory mortgages/lending and other credit woes were not around at that time. If everyone in this country were able every 7 years to write off debt, I can't imagine the scenerio involved as life would not be anything like it is; it would be worse as there would be no semblence of responsibility.

I have always felt that filing bankruptcy should be a one time deal - sort of like the Get out of Jail Free card in Monopoly. OK, we have a mess up here - let's clean it up, learn from it and go on from here and ensure it doesn't happen again. Exceptions? Sure...major medical situations...People should plan for possible job losses as they can and do occur as we all know; keep the debt down or no debt; learn to actually save; when/if the job loss happens, you have no unsecured debt and won't end up in the bankruptcy filing ranks.

By and large, I can agree with what you say. Yes, I should have been twice as vigilant this time around. I wasn't, but then again, I had it coming together. Decent job, rent was nominal (Read take care of Mom and it's basically free) free time to spend (Usually talking with Mom about past, wish I'd recorded it...damint!) overtime was up and down.Vehicle payment wasn't hard $500 a month, but bringing in $2,200+ monthly

Then..WHAMMO!!!!

"In this market, we find that our sustainability is challenged by the amount of excess employees in this company. We therefore regret to inform you that on (Date) your employment with said company will be terminated. we regret having to take this action, but for the companys long term survival, we have chosen to take this action"

So, here I am...Again

[cynbkrpt]

it isn't so much as having a clean slate as it is having a second chance & everyone deserves that.

it isn't so much a fresh start either as it is getting a second chance to try and make things better.

2 cents

I totally agree. We will have this as part of our "record" so it's still a sort of millstone around our necks. It's just that I'll be able to afford to feed my children and clothe them instead of paying credit card companies. And as a reprocussion, I will have to live below my means since I will not have a credit card "safety net". But that's fine by me.

[epiphany]

it isn't so much as having a clean slate as it is having a second chance & everyone deserves that.

it isn't so much a fresh start either as it is getting a second chance to try and make things better.

2 cents

Have to agree with this. It definitely isn't a clean slate but a second chance. And I do feel most people deserve a second chance providing that they truly are in over their head and not trying to skirt the system.

So there will be people who do not deserve the second chance but they are fewer than more IMO.

ep

[epiphany]

People do not get taught to save for things. Every time you look up there is a new model of this, or a new improved version of that. Magazines are splashed with advertisements with "You deserve it!" taglines. You get taught that if you work hard then you DESERVE a new $1100 television. You get taught that if you buy that new $500 cellphone you will become popular and more attractive.

The one upside to this whole economy mess is that children are learning a ton and the next generation will probably not be one to rely on credit for living expenses.

I hope that's the case anyway.

ep

[HHM]

That sounds like a good thought on which to end this thread.