Bankruptcy | Enemy of Debt: Where Behavior Meets Reality

Surprise, Your Credit Report Stinks

Written by Suzanne Cramer on February 2, 2012 · 11 Comments

Credit reports are a funny thing that even the most seasoned of financial experts have trouble understanding. With all of the “myths” and “misconceptions” about credit scores swirling around it can be difficult to decipher myth from the real truth. Recently my friend went to a car dealership in search of a new vehicle to replace their old vehicle. Unfortunately, they didn’t have the money saved up to purchase the vehicle (I advised paying cash makes the most financial senseJ), and were going to have to finance the vehicle. When applying for any loan or line of credit you are [...] Read more »

Tags: Bankruptcy, credit, credit cards, debt, Marriage, pay off debt, personal finance

I Hear the Secrets that you Keep…

Written by Suzanne Cramer on October 27, 2011 · 6 Comments

I do, I hear them; the denial, self talk, and the inevitable, “What am I going to do?” They are secrets you keep from everyone; your family, your friends, and even your significant other. You’re in debt. It doesn’t matter how it happened, what matters now is that you do something about it. That’s where I come in. I am a certified credit counselor for CareOne Debt Relief Services and everyday I talk to people about their debt. Sometimes I am the first person they have admitted this to and they are scared, apprehensive, and skeptical. I would be too; [...] Read more »

Tags: Bankruptcy, credit cards, Dave Ramsey, Debt Elimination, Debt free, debt freedom, money, pay off debt

Creative Ways to Pay Down Your Debt

Written by Brad Chaffee on March 11, 2011 · 8 Comments

Living under the constant shadow of debt isn’t fun for anybody. If you feel like you’re drowning under a sea of debt, you may think you have no other option other than filing for bankruptcy. This should be avoided at all costs, since it will be a mark on your financial history for many years. It’s important to understand that it doesn’t give you clean slate, but allows people to rebuild their credit, slowly, without the adversity debt. If you do decide to file, you’ll find it's nearly impossible to get good rates on various loans, if at all, or good rates for credit and a variety of other things. Before making this decision, consider a few creative ways others have used to pay off their debt, without having to file for bankruptcy. Read more »

Tags: avoid bankruptcy, Bankruptcy, be creative., Debt Elimination, pay off debt, sell possessions

My Story: A Mortgage Nightmare Confession

Written by Brad Chaffee on October 7, 2010 · 36 Comments

Have you ever looked back in time and wished you could do something all over again, or not at all? Hindsight always objectively highlights mistakes that we make, and often causes us to play the “if I knew then what I know now” game. Fortunately for us, this story has a light at the end of the tunnel. If anything, we learned a very valuable lesson in home ownership, specifically in terms of getting the right mortgage. As most of you know though, my wife and I decided long ago that once we were free from the bondage of mortgage [...] Read more »

Tags: Bankruptcy, foreclosure, hell, home ownership, interest-only mortgage, mortgage settlement, refinance, remodification, short sale, stressful

Feeling Like You Are Bankrupt, Is Different Than Actually Being Bankrupt

Written by Brad Chaffee on February 16, 2010 · 12 Comments

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 »

Tags: bankrupt, Bankruptcy, Debt Elimination

Bankruptcy – A Solution, A Cop-out, Or An Enabler?

Written by Brad Chaffee on December 16, 2009 · 14 Comments

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 »

Tags: Bankruptcy, Behavior, Debt Elimination

Hope Is The Dream Of A Soul Awake

Written by Brad Chaffee on July 20, 2009 · 4 Comments

“When you do nothing, you feel overwhelmed and powerless. But when you get involved, you feel the sense of hope and accomplishment that comes from knowing you are working to make things better.” As some of my most loyal readers know, I eat, sleep, bath, and drink personal finance. It’s sometimes all I talk about, definitely all I think about, and I seriously love blogging about it! I absolutely NEVER EVER pass up an opportunity to discuss with someone the benefits of debt freedom. My co-workers and friends, even the ones that aren’t completely on board, seem to know deep [...] Read more »

Tags: Bankruptcy, credit, debt, hope

A Destructive Mindset: Is This What You Believe Too?

Written by Brad Chaffee on May 22, 2009 · 4 Comments

Becoming Debt Free Is Priceless Indeed I was reading an article yesterday titled, Debt-Free: Priceless, and the one and only comment on this article blew me away! Seriously, the comment brought me to my knees, like kryptonite did Superman! Back to the ice cave! The article talked about what a Federal Bankruptcy Judge was doing to combat the destructive nature of credit card abuse, that possibly led people to his courtroom to declare themselves bankrupt. “John C. Ninfo II, a federal bankruptcy judge, has founded the Credit Abuse Resistance Education (CARE) Program, www.careprogram.us, a national initiative to teach high school [...] Read more »

Tags: Bankruptcy, credit, debt

Bankruptcy – The Morning After Pill of Personal Finance

Written by Brad Chaffee on July 28, 2008 · 9 Comments

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 »

Tags: Bankruptcy

Are Your Priorities Backwards?

Written by Brad Chaffee on April 22, 2008 · 16 Comments

I keep seeing this commercial on T.V. and everytime it drives me just as crazy as the time before! The line that drives me absolutely mad is this one: “Far too many Americans health care and financial security are at risk.” It goes on to say that, “Health Care costs are driving American families into bankruptcy.” AHHHHHHH! That is exactly what is wrong with this country today!! What is driving American families into bankruptcy is American families! It is US that is responsible for these stupid decisions that we make, not health care costs! Sure health care costs may [...] Read more »

Tags: Bankruptcy, Change, credit, debt, life, money, Priorities, savings