When to file Bankruptcy
Financial difficulties are the normal course of life and affects almost every one in the world .
There is a point where the debt repayment is no longer achievable , whether this is a change in earnings or a change in the the ammount of outgoings , because of a an unexpected arrival of a bill .
Many of us want to be honourable and pay back what we borrowed , but sometimes there is a point that we can no longer manage our obligations .
It is worthwhile to note , that bankruptcy laws exist because of the the old way of doing things was to end your life , rather than live a life of terrible debt or go to debtors prison. In many respects , bankruptcy is the alternative to death , and has saved countless lives .Although a great many people just realising their debt or sudden ruination take their own lives almost immediately , rather than live a lower grade lifestyle .
This is a foolish choice , though in the heat of the moment , as there are a great many stories of those you have achieved great heights after bankruptcies, and have regained more than they have lost .The future is not prewritten and the sooner you realise your options the sooner you can get back on your feet and after 5 years you can begin your entreprenurial skills , or work on your main earning aspect again, ready for when the bankrupcy stigma can be removed from your credit report, giving you a flying start at the end of your "punishment term".
Next you need to sit down with a bankruptcy attorney. You don’t have to hire them, ask them what is involved and a likely or best solution. People often get themselves so over wrought over imagined outcomes which may not happen.Make an informed decision regarding the best course of action.
Filing bankruptcy is embarrassing. Should your friends, neighbors , family find out? Chances are they will not even realise you are or have been made bankrupt. If you own a home or dwelling, you are likely to have to move out.Leased or owned vehicle will likely have to go too. It is hard to imagine being discovered , most likely 
is they may realise that something is wrong , but you are likely to move home anyways so as life goes , you may never see them again, as busy people have busy lives ! How many friends have you had over the years , you have simply lost touch with , just from the fact of moving to a new home or job!. Bankruptcy is filed at the local courthouse , have you been recently to see if anyone you know has been made bankrupt? Of course not , who does?
If you choose to file bankruptcy, I can assure you what will definitely happen… You will feel a full sense of relief. Relief that doesn’t come from the fact you are walking away from a debt. Rather, it is more a sense of taking action to put an end to the misery,a new start lesson learned , and in 6 months all your earnings will be your own.
Basically you are making an exchange all your property against all your debt, and then you can start afresh.
The main drawbacks
- loss of a lot of property
- home
- negative marks on your credit report
- difficulty in getting loans and credit
- leaving your old life behind
The main advantages
- no more hassles from creditors
- no more monthly repayments
- eligability for financial help
- fresh clean start debt free
- the big world is your oyster and is yours for the taking
So bankruptcy vs debt consolidation is a choice you must make to YOUR advantage , the law is here to help you , use it wisely !
March 23rd, 2009 at 7:49 pm
Thank you so much for your comments on my website. I agree, the CPSIA is a nightmare in and of itself.
I think this post is very thorough for those who need it. I appreciate the time you took to write it. I hope it can help someone!
Thanks again for stopping by! I hope to see you visit again soon!
March 23rd, 2009 at 9:24 pm
Hi Lisa , thanks for the comment.I think the article is a bit hammy , but the message is “bankruptcy is a blessing” (sometimes!)
I spent 6 months living in a shed about 13 years ago , homeless and broker than broke , now I am a single parent (a man !) with a 10 year old gal, and I have enough money to last for a 2 more years ( I haven’t worked properly for 3 years), and then I will find have to find work , the thing is I went from homeless to full time bringing up a child with no welfare help whatsoever ,not even subsidised rent , I never dreamt when I was in the shed with all those mice in my bedding that I would one day be able to take 6 Years off without working at all.
The future is unwritten, just because things are bad now , they will not to be for ever! The best times of our life are still ahead of us .