13 Comments

1. 

   MouseAugust 25, 2012 at 3:28 amReply

   Finally! A bankruptcy article without the jargon or scaremongering, so thanks for keeping to plain English. If this was a financial site that only had a readership of economics professors and financial advisors, then maybe it’s warranted. There’s lots of people who switch off or click away when they see a wall of words they’re not familiar with. Personally I just find jargon frustrating, especially when it’s out of place.
   Anyway, I only wanted to leave a comment to say that I enjoyed your article and thought it was very clearly written. It’s straight to the point and the information is accurate which is the most important thing I think with issues like this.
   I’ve been reading quite a lot on this issue over the last few days and some things I’ve read aren’t entirely true, but yours is a really good sum up of the main points. Filing for bankruptcy is a major decision, so a person needs to be able to trust that the information they have access to is correct. This way any decision they make will be an informed one based on the risks and benefits.

2. 

   BloomaticAugust 25, 2012 at 7:48 amReply

   No doubt this is a situation that has arisen in the finances of many people. In some cases, intermediate alternatives exist, but in most, bankruptcy is a “diplomatic solution” and that in the medium to long term doesn’t appear as negative. I believe that there is a social connotation regarding these procedures, which are quite removed from reality. It’s a complex cultural issue, but there are many solutions. It’s important to consult with good professionals and develop a concrete plan of action. Thus, analyzing all eventualities, you can achieve a successful exit.

3. 

   KennyKAugust 25, 2012 at 10:31 pmReply

   Seeing this is a delicate topic, the decision about filing bankruptcy should not be taken lightly. As you mentioned, the consequences can be big, especially if you might need more financial assistance/loans in the future. It’s best to take charge of your debts and find people who can assist you.

4. 

   NequanAugust 26, 2012 at 3:21 amReply

   Thanks for the info. I personally never thought about filing bankruptcy as an option to get rid of debt but its nice to know a little about it just incase things get that bad.

   I know what its like to have debt collectors constantly calling, sending letters and stopping by my place. The threats of taking legal action can way be scary. Most collectors will try to work with you rather than do anything drastic.

   Bankruptcy can be an easy way to get them off your back and get some time to think but to know that it will be on your credit history for ten years is something to consider.
   Nequan recently posted..How I Make My Money Back From Paid Traffic

5. 

   vida_llevaresAugust 26, 2012 at 10:45 amReply

   Somehow, filing bankruptcy has been the most preferred resort when companies or individuals can no longer pay their loans or debts. Enlightening consumers on the negative side of it is truly a great thing. Hopefully, people can discern on the matter first and evaluate both the advantages and disadvantages of this approach before they make a decision.

6. 

   anonamossAugust 27, 2012 at 6:16 amReply

   I think that some people see bankruptcy as an escape route while others see it as the “Scarlet B” . I like that you tood a neutral route and underlined both the positives and negatives of this topic. I’ve always felt that bankruptcy should be the last resort because it does leave such an impact on your credit for many years. I don’t know if a person ever regains that trust after filing for bankruptcy. On the other hand, a person has to do what is best for them when they are in a tough spot. I believe this article will help a lot of people. You did a wonderful job.

7. 

   TashWordAugust 27, 2012 at 5:15 pmReply

   I agree with Kenny – bankruptcy is not something to be taken lightly even if the advantages and disadvantages seem evenly matched. The disadvantages (no future loans of director positions, poor credit standing, etc) are long lasting plus there is the emotional and moral side of it (which will affect most people despite what any financial data says).

   I would feel horrible, like a failure, if I declared bankruptcy. Worse, I would feel so guilty at not paying those businesses that entered a contract with me on good faith that I would pay them.
   TashWord recently posted..Ways to simplify your business

8. 

   dhintakaAugust 28, 2012 at 4:22 pmReply

   I totally agree with TashWord. The very thought of “bankruptcy” brings me a chilling feeling. In spite of financial instability, it affects the person mentally & emotionally.
   The article talks about it in a very simple way without using any jargon.
   I can only wish others that even if one gets bankrupt one must at no time give up from life. Money can come & go, life once gone will never come back.

9. 

   ohiotom76August 28, 2012 at 10:34 pmReply

   The thing is, if you are already missing payments or have had your accounts sent over to collections – your credit rating has already been lowered. So there’s not much of a benefit in not filing for it. You likely would not get any loans any how for the next several years.

   I’ve heard of people who have done this getting approached for credit cards a few months after filing, and buying a house as soon as a year after filing.

10. 

    gerkmeisterSeptember 1, 2012 at 7:32 amReply

    You shouldn’t let bankruptcy scare you or make you feel guilty. At that point, the creditor has already sold your debt for a discount to the collection agency and written off their losses. They take into account percentage of defaults when they issue credit or give out credit cards. If it will solve your problems and eliminate the phone calls and stress, just do it.
    gerkmeister recently posted..Free Storage Shed Plans & Blueprints updated Sun Aug 19 2012 1:39 pm EDT

11. 

    akanbiSeptember 4, 2012 at 6:39 amReply

    I really don’t like the idea of the “positive” side of bankruptcy. I think it’s our responsibility to see to it that we pay our debts the best way we can. Even if this means to consolidate somehow and pay what we can. There is always a settlement that is offered by the company that you owe, why not go for that?

12. 

    ohiotom76September 9, 2012 at 11:28 amReply

    The issue becomes, if you are behind on your payments and your accounts have gone over to collections agencies, your credit rating is already low whether you file bankruptcy or not. So getting a home loan or a car loan will already be nearly impossible. There’s not much of an advantage to paying them off slowly at all at that point. In addition, you’ve been paying high interest all along so the lenders have already made most of their money back from you. There are many reasons a person can get in over their head that was not intentional, predatory lenders, uncovered or unexpected medical bills, etc.

13. 

    Sylk SkinDecember 20, 2012 at 8:00 amReply

    Undeniably believe that which you stated. Your favorite reason appeared to be on the net the easiest thing to be aware of.
    I say to you, I certainly get annoyed while people think about worries that they plainly
    don’t know about. You managed to hit the nail upon the top and also defined out the whole thing without having side effect , people can take a signal. Will likely be back to get more. Thanks
    Sylk Skin recently posted..Sylk Skin

Leave a reply Cancel reply

Your email address will not be published. Required fields are marked *

Name *

Email *

Website

Comment*

Notify me of followup comments via e-mail

Subscribe me to your weekly digest