SUZE ORMAN SHOW on CNBC

[aa06a47]

If anybody is interested, at 11:00pm Central Time, Suze Orman will talk tonight about Life after Bankrutpcy.

[FilingOnMyOwn]

Summary

I love Suze Orman, and her financial mind. I watched the show, and heres a brief summary based on notes that I took.

The majority of bankruptcy filers end up filing again. Don't let it happen again.

Fear is the main obstacle to wealth. (And in my own personal experience before I filed bankruptcy, if I hadn't cashed out my stock account at its lowest point I could have paid off everything I owed and then some.)

Here is the kicker, a must read for everyone: When your bk falls off your credit reports, YOUR CREDIT SCORE WILL PLUMMET. Why? Apparently fico scores pool you into groups of similar credit risks. While you're in the pool of bankruptcy consumers, you are compared to them per se. Once bk falls off your credit reports, you are returned to the pool of average population, and because of the damage to your credit it will be far inferior to other credit reports of similar a similar time history. So, refinance, buy vehicles, obtain credit cards, right before bk falls off your report!

Heres the immediate 'after bankruptcy' steps to rebuilding:
1) Pay every bill on time. Never exceed credit limits.
2) Open a credit card, secured or unsecured.
3) Open a savings account, and take out a 'passback' savings account loan. (Apparently this is a loan against the savings you have in your account, something I've never heard of.)
4) Open a department store card.

One more thing. Most bankruptcies are caused because of medical reasons. Get insurance if you can. If you run into medical bills, make reasonable payment arrangements with the provider, BEFORE they go to collections and your credit report, ruining your credit all over again.

That was it. I expected a little more information, but unfortunately the drama of televison left the program mostly just interviewing people about their specific situations.

[keepmine]

Suze would be wrong.

http://www.towson.edu/~jpomy/Testimony.html

Almost nine percent of filings are serial where the debtor has before tasted the forbidden fruit of the discharge and has come back for another bite. In Chapter 7, where most consumer filings occur, ninety-six percent of cases are "no asset" - debtors relinquish no property and legally discharge debts without payment.

You can google the author. He is a strong advocate of bk reform and written a number of articles on the subject.
Here's one dealing with the history of bk I found interesting. Though, he is wrong about O.J,

http://www.towson.edu/~jpomy/USAToday.html

Here's his homepage.

http://www.towson.edu/~jpomy/

[Minnymouth]

Most repeated BK filers under Chapter 7 KNOW what their doing..... they are playing the system, and then writing it all off by claiming BK......
They have no assets to loose, and have lived a good life style, have what they want, and then claim BK to clean the credit back up again so they can start over....

These offenders are the ones that make it very difficult on those that are forced into BK because of job loss, medical bills, etc.

Yes Suzy Orman offers a great deal of good information and goals for one to follow.....