By: Lily Mei
Back then, bankruptcy was referred as a shameful and humiliating failure but now more and more Americans file for bankruptcy as second nature to solving their finances.
Many Americans who file for bankruptcy are those who are drowning in medical bills or credit card debt with no realistic hope of ever paying it off. It is a much easier way of deferring your financial responsibilities then dealing it by yourself with collection agency calls, wage garnishment, and threat of lawsuits.
Bankruptcy is also less of a financial, emotional and social strain in many cases. Instead of living in years of hell to pain-staking pay off your debts by saving money and living frugally, by filing for bankruptcy you may be able to actually clear off everything in a few months. In addition, bankruptcy is not look upon badly or disgraceful as it once was in the past. So in the case where you are in a financial crisis to pay off your debts, maybe you should look into filing for bankruptcy to ease the strain.
Sources:
http://mwhodges.home.att.net/nat-debt/debt-nat.htm
http://www.pbs.org/now/politics/bankruptcy.html
http://ezinearticles.com/?10-Reasons-Why-People-File-For-Bankruptcy&id=3022051
I really feel that people need to may for their mistakes. Filing for bankruptcy may be the only option for some people but some people can prevent going that far and they shouldn't take this easy way out than just dealing with it.
ReplyDeletePosted By: Sara Sindelar
I would like to just point out that this article seems bias as to why people file for Bankruptcy.
ReplyDeleteBankruptcy is part of our legal rights as citizens in the U.S., in order to help us survive and not enable us to be slaves to the creditors. Especially when we fall on hard times.
Yes, I agree that we are to be responsible for our selves and debts, however when you have to survive, because of the constant rise of the cost of living and you only can make so much money to support a family. Where else are you to go if you have no credit or don't choose to use credit? You can try Federal aid and use tax payer money, but you probably make to much money for Federal aid of any kind. Plus if you look at Bankruptcy it takes the debt away and allows those to keep being viable, citizens of society who work and pay taxes. Yes, I know that the creditor will the take it out on the ones who are left who pay on time and do what they are supposed to do. However, that is no ones fault but the creditors, they have no need to take it out on the innocent but they don't care they do it because they can. So basically you are just all around screwed.
So where do people go, people use credit cards as flotation devices. Am I saying it is right, NO! But when its a dog eat dog world you do what you have to do.
Bankruptcy is not an easy decision I am telling you from experience. I am a person who has never missed a payment, never been late and to be honest my monthly debt is as much as some people pay for a car payment. But I am still not making enough money any more to even cover that. I lost a good paying job, kept myself in check to not let it go over board and then now find myself working at a job that does not even make what the Federal guidelines qualifies as enough to survive.
So please consider more when you write how people need to be more responsible and think maybe our country and government should be more responsible in how it lets businesses and it's self run our country and our lives unfortunately. The illusion of control is what it is, just smoke and mirrors.
I truly believe if CREDIT CARD companies all disappear sure the world would be hard to live in, but inflation would fall and maybe we would live in a more realist society.