Re: bankrupcy?? or what choice do I have

Posted by Ch 7 filer on October 17, 2001 at 13:13:45:

In Reply to: bankrupcy?? or what choice do I have posted by Marilyn on October 10, 2001 at 18:40:43:

I agree, FILE BANKRUPTCY!! especially if you are considering a chapter seven. While it is true that credit card issuers can't do anything untill they go to court. It is usually in your best interests to file bankruptcy. Bankruptcy laws are currently under a special conference committe deciding on changes. While recent events due to terorisim have delayed the new legislation from passing it is pretty much a sure thing it will be passed in the next year.

In short you don't want to end up filing bankruptcy two or three years from now under the newer tighter laws when you can do it now. You don't want to have to start rebuilding credit two three or four years down the road when you can file BK now and have two or three years of credit rebuilding already underway at the time you would have otherwise filed. Don't worry about BK. Bankruptcy was law and legislation designed for you! Creditors try to make you feel bad about it and have tried to attach a stigma and shame to it. Want to know where the real stigma and shame is? read your bible and what it says about lenders who charge interest? Bankers don't like it flaunted in their face but hey they are the ones willing to take the risk issuing UNSECURED credit at high interest rates. They know they will incur a certain percentage of bankruptcys, they don't hire and pay all those smart accountants and statitians for nothing. They have set up their businesses to make money fully including in an expected number of bankruptcys and expected dollar losses. Do whats best for you.

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