Good afternoon my fellow haters of debt! I hope you are having a great week filled with debt free dreams and paid off creditors. Last week, on my increasingly popular, Debt Free News From A Debt Free Reader series, I received a comment that I wanted to respond to outside of the comment box. I feel that this issue is one that many are faced with and wanted to share my thoughts on the matter with all of you. Arlin wrote: “OK. So I am now at the point where it looks like [my] only option out is Chapter 13. [...] Read more »
Bankruptcy – A Solution, A Cop-out, Or An Enabler?
Have you ever considered filing bankruptcy to resolve your financial crisis? I know I have, but was so very glad that someone who cared about me decided to speak up. Determining yourself to be financially incapable is nothing to take lightly, but it seems that these days, filing for bankruptcy is no different than having your teeth cleaned. I refer to filing for bankruptcy as the equivalent of taking the morning after pill to prevent unwanted pregnancy, and here’s why. The fact of the matter is that in both cases, someone wakes up one day and suddenly realizes “Hey, I [...] Read more »
Bankruptcy – The Morning After Pill of Personal Finance
Is Bankruptcy The Answer? I was on the Financial Peace University Forums today and happened to notice the word bankruptcy being thrown around as an option. This isn’t a rant as much as it is an argument as to why you should avoid bankruptcy completely. I realize that this is a very touchy subject for people so my intention is not to make a judgment, but instead to express an alternate view. I would like to remind everyone that I was very close to filing bankruptcy myself at one or more times in my life and am very glad that [...] Read more »
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