Comments on: Bankruptcy – The Morning After Pill of Personal Finance http://www.enemyofdebt.com/2008/07/bankruptcy-the-morning-after-pill-of-personal-finance/ Pay Off Debt...And Get Inspiration Daily! Sun, 14 Mar 2010 15:20:31 -0400 http://wordpress.org/?v=2.9.2 hourly 1 By: Brad Chaffee http://www.enemyofdebt.com/2008/07/bankruptcy-the-morning-after-pill-of-personal-finance/#comment-1877 Brad Chaffee Wed, 01 Jul 2009 00:07:48 +0000 http://www.enemyofdebt.com/?p=150#comment-1877 Hi Ari, Thanks for visiting and thank you for taking the time to comment. Sorry to hear that you had to go through such a painful process but it sounds like you are now on the right track. I may not have made it clear enough in my blog but when I wrote it I was really referring to people that used it like some people use morning after pills, filing for bankruptcy multiple times and not really seeing the need to make better decisions. I think that was a direct result of being able to file for bankruptcy so easily at one point. I personally know people who have filed three and four times in their life, and I have not ever heard anything from them that would suggest they are remorseful for leaving someone else to take the hit financially. I was also mainly referring to the fact that some people really do not need to file bankruptcy, but instead of pay their debt off, they choose to take the bankruptcy option. For those people bankruptcy is easier than paying off the debt, and that is why they choose it. I do believe that bankruptcy is sometimes the only way out but I must add that I also feel that just because someone files bankruptcy doesn't mean they can't pay the bills at a later time when they have corrected their situation. Dave Ramsey did that on millions from his bankruptcy and I just think that is AWESOME! Good luck with your new found path and I wish you the best! Thanks again for sharing your experience and I hope you continue to read EOD. :) Hi Ari,

Thanks for visiting and thank you for taking the time to comment. Sorry to hear that you had to go through such a painful process but it sounds like you are now on the right track. I may not have made it clear enough in my blog but when I wrote it I was really referring to people that used it like some people use morning after pills, filing for bankruptcy multiple times and not really seeing the need to make better decisions. I think that was a direct result of being able to file for bankruptcy so easily at one point. I personally know people who have filed three and four times in their life, and I have not ever heard anything from them that would suggest they are remorseful for leaving someone else to take the hit financially. I was also mainly referring to the fact that some people really do not need to file bankruptcy, but instead of pay their debt off, they choose to take the bankruptcy option. For those people bankruptcy is easier than paying off the debt, and that is why they choose it. I do believe that bankruptcy is sometimes the only way out but I must add that I also feel that just because someone files bankruptcy doesn’t mean they can’t pay the bills at a later time when they have corrected their situation. Dave Ramsey did that on millions from his bankruptcy and I just think that is AWESOME! Good luck with your new found path and I wish you the best!

Thanks again for sharing your experience and I hope you continue to read EOD. :)

]]> By: Ari http://www.enemyofdebt.com/2008/07/bankruptcy-the-morning-after-pill-of-personal-finance/#comment-1876 Ari Tue, 30 Jun 2009 23:49:35 +0000 http://www.enemyofdebt.com/?p=150#comment-1876 While looking at your site I was interested to see your take on bankruptcy. Spot on, it is painful just been there. From my limited perspective I must say it was no morning after pill as you referred to it. It was a long painful process that made us really know our own business. With as out of touch as we were with our finances I must say it was a wake up call that shook us out of our complacency. We have taken on dependent family members and are now raising our granddaughter...yes, financially draining but a moral imperative for us as well. Are we at fault?...well yes, if not for our stupidity and our actions then we would not have been there.We were hugely overwhelmed and we are not off the hook, we are paying back taxes etc. Thank you for your time. While looking at your site I was interested to see your take on bankruptcy. Spot on, it is painful just been there. From my limited perspective I must say it was no morning after pill as you referred to it. It was a long painful process that made us really know our own business. With as out of touch as we were with our finances I must say it was a wake up call that shook us out of our complacency. We have taken on dependent family members and are now raising our granddaughter…yes, financially draining but a moral imperative for us as well. Are we at fault?…well yes, if not for our stupidity and our actions then we would not have been there.We were hugely overwhelmed and we are not off the hook, we are paying back taxes etc. Thank you for your time.

]]> By: Brad Chaffee http://www.enemyofdebt.com/2008/07/bankruptcy-the-morning-after-pill-of-personal-finance/#comment-713 Brad Chaffee Wed, 30 Jul 2008 05:12:58 +0000 http://www.enemyofdebt.com/?p=150#comment-713 Thank God for FPU right? I am so glad I had people in my life that were able to get through to me about why bankruptcy was a bad idea. Thank God for FPU right?

I am so glad I had people in my life that were able to get through to me about why bankruptcy was a bad idea.

]]> By: Melinda http://www.enemyofdebt.com/2008/07/bankruptcy-the-morning-after-pill-of-personal-finance/#comment-710 Melinda Tue, 29 Jul 2008 14:59:36 +0000 http://www.enemyofdebt.com/?p=150#comment-710 Can I hear an AMEN! AMEN BROTHER! Having just read Maxed Out, I will say that his sources show that 95% of all bankruptcies are filed by people who are truly broke. But how did they get that way? How can you be broke when you make $70K annually? We were among those, making well above the average household income, but on the edge of that cliff that was built out of greed, insatiable appetites for new toys, wanting it all now, and not wanting to build up our foundation first. We were poised to jump into that rocky ravine that is bankruptcy, then we found FPU. It pulled us back, gave us a new way to look at things, allowed us to reorganize our priorities and the way we spent. While we are still "broke" right now, we are able to pay for everything we NEED to in a month and are slowly plugging away at our debt without incurring any new debt. It is hard, but it is working, and we can see the light at the end of the tunnel, and it's not 10 years away like it would be with a bankruptcy. Can I hear an AMEN! AMEN BROTHER!
Having just read Maxed Out, I will say that his sources show that 95% of all bankruptcies are filed by people who are truly broke. But how did they get that way? How can you be broke when you make $70K annually?

We were among those, making well above the average household income, but on the edge of that cliff that was built out of greed, insatiable appetites for new toys, wanting it all now, and not wanting to build up our foundation first.

We were poised to jump into that rocky ravine that is bankruptcy, then we found FPU. It pulled us back, gave us a new way to look at things, allowed us to reorganize our priorities and the way we spent.

While we are still “broke” right now, we are able to pay for everything we NEED to in a month and are slowly plugging away at our debt without incurring any new debt.

It is hard, but it is working, and we can see the light at the end of the tunnel, and it’s not 10 years away like it would be with a bankruptcy.

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