subject: Personal Bankruptcy - Treat it Like a Business [print this page] You need to view bankruptcy as a tool, a financial tool to be used in financial hard times. It really is hard to break the mentality that, if you file personal bankruptcy you are a bad person. You have failed and that puts you in a bad light.
It's funny how people can be so judgmental until they themselves need help. Don't let the ignorance of other people stop you from making the right business decision for you. Yes, I said business. Debt and credit is big business, big business for banks, credit unions and many other companies. You are the major part of this business, so why not consider your financial troubles as a business decision.
Do you think businesses always make the right choices? Do you think businesses always do the right thing? Of course not, and average people also make mistakes. You have the other side of the coin which are bad economic times. You can't control layoffs, pay cuts, health issues, it's out of our control, personal bankruptcy is the tool designed for these situations.
Make Choices, Use The Tools Businesses Use.
With bankruptcy as an option, it doesn't make sense for people to live long term in financial stress. Businesses don't, and the question you have to ask yourself is, why should you?
I know, people will talk, they will say things behind your back, let them. Your health, your sanity is more important than a few ignorant people's comments. Who knows, they may be in the same situation one day, they to might have to use bankruptcy for relief.
It's never a fun thing to default on a financial obligation. if you are able to settle things within a 5 year time frame, then by all means avoid bankruptcy. Look at it this way, if your so deep in debt and your looking at 20 or 30 years before you can even see some light, use the tools intended for businesses and people alike, bankruptcy.
Bailouts, bankruptcy, there all a part of a capitalistic system. Businesses make mistakes, people make mistakes, economies have up and down cycles, do we have to live the rest of our lives paying for it? Businesses don't.
There will be repercussions if you file bankruptcy. Your credit score suffers, getting loans becomes impossible for a few years, living on a cash basis is the norm, this is not a bad thing at all. You will find out that you can live without credit.
Because you do have a conscience you will struggle with the moral side of bankruptcy more than the bankruptcy itself. This is why a good bankruptcy lawyer is useful, he can map out the right path for you. He won't let your emotions get in the way of making the right choices.
Now that you understand the intentions behind personal bankruptcy, you need to understand how to use it. Start by going to Bankruptcy News. This is an important decision. Get informed, get more answers and most of all get on with life. You have choices, it's time to use them.
Personal Bankruptcy - Treat it Like a Business
By: Ric Bai
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