Bankruptcy

Bankruptcy isn’t called “protection” for nothing!

Bankruptcy isn’t called “protection” for nothing!

Have you ever noticed on a newscast if they annouce a big co has filed bankruptcy? They always say “Delta Airlines filed for BANKRUPTCY PROTECTION today”.

Can you imagine some CEO sitting at his desk crying and beating himself / herself up as a “terrible” person because they are in the hole !

Do they start eating a diet of beans and rice to save the business? Do they hold a yard sale and start selling on ebay? Do they go out and deliver pizzas?
Hey, I don’t think so!!!

They look at the numbers and do what they have to do to protect their business and that is exactly what people need to do. Protect themselves and their family and consider filing bankruptcy if they can’t pay off debt in a timely manner.

That’s really a bummer the way you were treated. I can’t say I am surprised though.
I don’t think you are the only one.

According to a book I just got called Maxed Out, one the the biggest supporters of the new bankruptcy law , James Sensenbrenner guesstimates the percentage of those who file fraudulently is around 5 to 10 percent. Not a lot.

The day Bush signed the bill into law former Senator Bill Frisk, with a straight face, gets on TV and says, the bankruptcy bill was passed so people would be responsible. How about old Bill telling his buddies in the CC business to be more responsible? This from a Dr. who grew up in a family of doctors and surely knows many people who have had to file because of unforeseen medical costs.

Oh well, what can one expect from a Dr. who would make a diagnosis on a patient from viewing a video!

I’d rather take care of myself and necessities prior to taking care of the big bank corporations. Being “responsible” and “paying what you owe” goes out the window when you are in several mode. Besides, folk, bankruptcy is there for us to use when times get tough!!! Why not use it?!?!

I’m new to the blog, and I guess I thought it would be a group with great ideas for saving money and such.

As for the bankruptcy conversation….. I filed about 3 yrs ago, best thing I ever did. What a relief! ugh! the creditors calling, all that stress, I’d do it again in a minute if I had to do it all over again….. only I’d do it much sooner. What is amazing is that after only one year, the same credit card companies were already sending me offers for credit cards in the mail. They think that now that you are debt free, they want to be first on the list to be the card in your wallet. I do have a credit card. But I pay it off every month. I will never have to file bankruptcy again, I’ve learned so much since then.

But I have no regrets. Shoot, I’d still be paying those guys the minimum amount and still getting calls about those who never got their money…..how depressing. And no one can make me feel guilty, I did what was best. And as far as credit being ruined, with all the offers we still get, you’d never know our credit was ruined!