I think I'll file

[so-beyond-broke]

Heck with it-

I can't exactly speak for everyone else, but I hope that there are a few people here who will agree with me. Last year was a very difficult year for me. I lost 2 jobs - one I was terminated after 2 years for no apparent reason and the other job laid me off after 2 1/2 months. My SO was also out of work at the time I was out of work so we both were collecting unemployment at the same time - not much especially while trying to raise 3 teenagers. My SO went back to work only to be fired after 2 months. He still out of work and I am trying to keep up the fort with a salary paying me a lot less. I made the conscious decision after trying and failing a debt management program to file BK. I decided this at X-mas. I figured BK was going to be my only viable option for a second chance. I had worried about my credit being trashed by the BK, but its already bad because of the charge offs, etc. The only thing good on my CR's is that I maintained my car payments and my student loans are in deferment. I would like to rebuild my credit after the BK and not to fall back into the same boat that I am in now. BK for me will have a sobbering effect - to not repeat some of the same mistakes again. I never was an extravagant person and any charges that I had made before contemplating BK was for necessities - food or gas or something that one of my kids really needed. I have learned to use cash to pay for stuff since December so it will make it a whole lot easier to leave that emergency CC in the house or use it only to fill my gas tank.

When you say that there should be some type of law to prevent people from filing BK again (because most do as you claim) do you include yourself in these statistics? Most of us didn't ask to get this way, but things happen in life. I believe for most of us this whole process will be a "WAKE UP CALL" to make different choices in life whatever that might be.

sbb

Sadly, this is the attitude that many have. Maybe not quitting the job, but many people run up debts, get tired of paying them and file. That is not really my story, but I have really filed. See, I have never had a credit card, no personal loans, really no debt. I have been wise with my money. Never bought foolish things. I medical condition forced me to file. My insurance only covered part of it, leaving me with bills that I could never pay. There are people like me, who have no choice, and there are other people who splurge on items they don't need, run up a huge bill, and it finally hits them, I cannot afford this. How many people that file turn around and file again in x number of years? I read about the ones who just got discharged and are applying for any credit card they can get. Their excuse, I want to re-build my credit. Think about that, that is the main reason people get credit cards, and of course for emergencies. After several months, you start to use them more and more, before long, you are right back in the hole, struggling to make payments. It is hard to have these cards and use them just sometimes. Most people that got into trouble with credit cards and filed bankruptcy on them, will most likely get into trouble again. What about making this a law? If you file bankruptcy and have credit cards included, then you may not include any credit cards if you file again. This would put an end to alot of the crap that happens.

[mag78x]

I think I will file for bankruptcy. I have a good job. Some credit card debt, and about a 18,000 personal loan. I have no problem paying my bills, but I am tired of paying them. I am tired of work too. My plan is to quit or get fired, not pay any bills for a while, then file. I may work a part time job but that will be it. I want to sit around all day and watch T.V. That is my dream.

Amen brother! A-MEN!

[SinkingFast]

Heck with it-

I can't exactly speak for everyone else, but I hope that there are a few people here who will agree with me. Last year was a very difficult year for me. I lost 2 jobs - one I was terminated after 2 years for no apparent reason and the other job laid me off after 2 1/2 months. My SO was also out of work at the time I was out of work so we both were collecting unemployment at the same time - not much especially while trying to raise 3 teenagers. My SO went back to work only to be fired after 2 months. He still out of work and I am trying to keep up the fort with a salary paying me a lot less. I made the conscious decision after trying and failing a debt management program to file BK. I decided this at X-mas. I figured BK was going to be my only viable option for a second chance. I had worried about my credit being trashed by the BK, but its already bad because of the charge offs, etc. The only thing good on my CR's is that I maintained my car payments and my student loans are in deferment. I would like to rebuild my credit after the BK and not to fall back into the same boat that I am in now. BK for me will have a sobbering effect - to not repeat some of the same mistakes again. I never was an extravagant person and any charges that I had made before contemplating BK was for necessities - food or gas or something that one of my kids really needed. I have learned to use cash to pay for stuff since December so it will make it a whole lot easier to leave that emergency CC in the house or use it only to fill my gas tank.

When you say that there should be some type of law to prevent people from filing BK again (because most do as you claim) do you include yourself in these statistics? Most of us didn't ask to get this way, but things happen in life. I believe for most of us this whole process will be a "WAKE UP CALL" to make different choices in life whatever that might be.

sbb

Amen, SBB!!

We're here due to job loss as well. New job outa state. Had to move. House hasn't sold.

Yeah, I'm here because I have a lot of furs, and jewels, and took fancy vactions. Oh, and I forgot, my newly aquired "coke" habit.

Gee,.......... Sounds like so much fun I missed, I kinda wish that were the reason. Instead, our family has lived thru 2 years of HELL and the road ahead ain't lookin' so good either.

[no_it_all]

This all sounds a bit flaky. You never have commented on your own personal financial situation. You just spout about the Codes. The Codes. The Codes. And how to work The Codes.

If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.

Make no mistake about it...Bankruptcy is a battle

[SinkingFast]

If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.

Make no mistake about it...Bankruptcy is a battle

You do so love sound bites, so let's put your rebuttal comment into context shall we??!!

Make sure you understand the BK code first. Especially the part where they can prove fraud by going back a few years. If you are serious, you have to start planning about thirty or thirty-six months in advance. Set yourself up as judgement proof as you can. I would consider also finding a BK friendly state to claim my domicile in. If you have a drug or drinking problem, document it with a re-hab stint. Make sure you get any big expenses out of the way at least two years before the BK...dental work, cosmetic surgery, etc. If you don't clear at least 200K you did something wrong!

This all sounds a bit flaky. You never have commented on your own personal financial situation. You just spout about the Codes. The Codes. The Codes. And how to work The Codes.

Are you possibly planning your own BK well in advance??!!

Cause if you had read the thread you woulda seen this:

You aren't out to know your enemy. You're looking to bend the Codes to work the way you want them to.

BK filers weren't the only people BK Reform was aimed at.

Attnys shared blame there as well. By working the Codes to suit themselves.

There's the letter of the Law and the Spirit of the Law. You definitely aren't a Spirted type. More the S T R E T C H the letters to fit your particular agenda type.

[no_it_all]

Just here giving entertaining advice to all..even those working the codes...

[heck-with-it]

It's not the ones that have lost a job, or have hundreds of thousands of dollars in medical bills. It is the ones that say they have $50,000 in credit card debt. They may blame a job loss on filing, but $50,000+, it would be a matter of time before they file anyway. These are the people that upset me. The ones that are buying new cars when they get discharged and applying for any credit card. These are the ones that should not be allowed to file bankruptcy again and include credit cards in it.

[LostOne0069]

It's not the ones that have lost a job, or have hundreds of thousands of dollars in medical bills. It is the ones that say they have $50,000 in credit card debt. They may blame a job loss on filing, but $50,000+, it would be a matter of time before they file anyway. These are the people that upset me. The ones that are buying new cars when they get discharged and applying for any credit card. These are the ones that should not be allowed to file bankruptcy again and include credit cards in it.

Oh, how easy it is to judge others in whose shoes you have never walked.



I'm not saying that there are not some people who, in my opinion, should not be allowed to file bk... because there are. BUT, it is REALLY easy to say that someone who is making X amount of money or whose debt is for what you consider an "unworthy" reason should not be able to file.

The bankruptcy laws are there to help people who are in a jam. It does not discriminate as to HOW they got into a jam, only that most people will be a better asset to our country and our country's economy if they are helped out of that jam.

MOST of the time, this is true. Do some people abuse it? Sure they do. Some people are thieves too. I try to just look at it in my own context and try not to judge others for their reasons.

[edwards2]

So now "we" are passing judgement as to whose plight should pass muster in BK? For the zillionth time none of us are in the position to judge. Are medical bills a more acceptable reason to file than someone who just lost their job? FYI my husband suffered a medical catastrophe several years ago and we had thousands of dollars in medical bills even with insurance. We tried to pay them and our living expenses for 3 years before we had to cry uncle. How would you feel if someone told you...okay you have medical bills...work 2 or 3 jobs and pay them off. You said you didnt have credit card expenses, etc., so as they say suck it up and pay the bills month. Your self-righteous attitude is not welcome on this forum. The stereotype BK filer you describe is not the norm - by a long shot. The majority of people who file have real and painful circumstances beyond their control. Filing BK is no walk in the park. It is embarrassing and humiliating but we also realize we should be grateful for a chance to start over. Sure some people will end up filing again and maybe some of them because of poor financial management but given we don't know why they ended up that way we should not sit in judgement of them. As for the credit card offers..it is important to rebuild our credit. Whether you are disciplined enough to handle the use of credit cards is a personal, individual decision. I just read that 70% of the country lives paycheck to paycheck...I think that speaks volumes about how tough it is for a lot of us to survive in this economy.

[anonymuse]

Never had a credit card balance in my life before two years ago--paid the credit card, every cent of it, every time, on time--20 years of that. But then 2 years ago, things went downhill. I was one of 700 dumped out into the street from a certain fortune 100 company. Within a week, a car accident. On going health problems. Now that I'm back at a job, I'm making less than median income (I took about a 35% pay cut) I wish I had known that bk was an option before the law changes and before I used all my 401K up.

[debtisbad]

Anonymuse,

I have also used up all my 401k. I am trying to figure out how to rebuild. I don't want to be an old person on the street. Many of our USA elderly are retiring in Mexico. They say it is much less expensive there. There is an entire area that is mostly expats. You can search this at chapala.com which is their website. I am just afraid that it is going to be tough in this country for the middle class person since corporat america no longer provides pensions, and the stock market is not guaranteed.

[heck-with-it]

How many of the people that lost their job had excessive credit card debt? The reason 70% of people live paycheck to paycheck is credit card debt and other excessive debts. Think about it, if you do not have those credit card payments, and you lost your job, could you manage? I bet you could. What about unemployment benefits? Or, finding another job? There are jobs out there, maybe not what you want to do, but they are out there.

[aa06a47]

I would have to give someone the excessive health bill a good excuse for being in financial mess, and a small business owner that same sympothy. I would agree, the rest of us are here do to poor money management and to some extent trying to keep up with the Jones, bad habits, etc.

heck-with-it has a valid point. I always knew that if I lost my job, I would be in some serious crap. But, I never did anything about it. Now, I let my debt get so high, there is no way I could ever in my lifetime repay this debt and now the ability to even pay the minimums. Bankruptcy is my only option.

heck-with-it, I never intended in not paying my bills. I don't think very many of the people on this board are trying to pull a scam here. BK is a pain, isn't easy, but it is much easier than being straddles with debt the rest of your life. None of us are on here bragging about stealing money from the credit card companies, and no matter how you slice it and dice it, we in a kinda round about way all did when we filed for bankruptcy.

The good news, fresh start. I am hoping the information I learn, especially with budgeting in the next 5 years on this chapter 13 plan will prevent me from ever getting into this mess again. If I get a credit card, my limit on the card will never be over 10% of my base wages. If they raise the limit, I will call them and lower it back down. Humans learn from mistakes, the real sharks will be back on this forum in 7 years talking about it again.

[DOA]

How many of the people that lost their job had excessive credit card debt? The reason 70% of people live paycheck to paycheck is credit card debt and other excessive debts. Think about it, if you do not have those credit card payments, and you lost your job, could you manage? I bet you could. What about unemployment benefits? Or, finding another job? There are jobs out there, maybe not what you want to do, but they are out there.

Ok, I had $30k in credit card debt. But I make 3 times that a year, and was set to have it paid off in 12-14 months. UNTIL, my wife lost her job due to downsizing, took a $15,000 a year pay cut and I fell victim to a virus that attacked my heart in May of last year. And the medical bills are still piling up. I didn't EXPECT these issues at 39 years old. I have no clogged arteries, no diabetes, no high blood pressure, no cholesterol problems, NOTHING health related in my history and yet a simple virus took me down like an H-bomb. I was no financial wizard, and yes I have made bad choices, but your telling me that I should have been living my life like it was pre-destined that something like this was going to happen? WITH NO PRIOR WARNING AND PERFECT HEALTH FOR 38 YEARS? Phooey! I'll never have another credit card other than a debit card tied to MY money, and I will pay cash for any vehicle I buy in the future. But I, nor you with your crystal ball, could have forseen my future 14 months ago. So come down off your high horse and quit judging people, thats God's department, and I don't believe he asked for your help in the book I read.

[lilgoose]

How many of the people that lost their job had excessive credit card debt? The reason 70% of people live paycheck to paycheck is credit card debt and other excessive debts. Think about it, if you do not have those credit card payments, and you lost your job, could you manage? I bet you could. What about unemployment benefits? Or, finding another job? There are jobs out there, maybe not what you want to do, but they are out there.

OMG!!! I just love how some people think that life is so easy and it is all just some dumb idiot's fault for not being able to pay their bills.

Hey, guess what, we only had $4300 in credit card debt and couldn't make it!!! Gee, I guess it was excessive! But, I am so sorry. See, I lost my worker's comp income and couldn't get a job due to my injuries and have no income. So, raising 2 kids and a wife on one income was a little much for DH...We made the choice together to file. NOT because we had EXCESSIVE debt but because we had a house and children. No, we couldn't make it on his income with all our bills that are necessary to living.

As for getting a job because they are out there....well, number one, they aren't out there and as readily as you seem to think they are. You can be OVER QUALIFIED for a job and not be hired. You can be qualified for a job, have lots of experience at it, been doing it for years, and some kid fresh out of college comes along and is willing to take less money per hour, will get the job all because they are young and have a paper stating they just learned that career....

If you get a job at McD's or other fast food place, you get paid just enough that you don't qualify for state help and that means there is no help with the groceries or medical bills (which will happen no matter who you are).

As for unemployment....doesn't always mean that you can qualify for that either. I know that a friend of mine was pretty much laid off and went to apply and she was denied! Do you know why? Because her ex-employer lied as to why she was no longer working! Said that she quit for no reason.

So, yes, do get off your high horse and remember that you are on this same sight for the same reason.....to help get out of debt that you can't manage yourself!