Personal Bankruptcy-is it my bailout? Nope!

Good morning y’all. I wish just one day that I could sleep in. That would require my dog sleeping in and well, she has gotta go before the sun rises. lol It’s OK, it gives me a start to a beautiful day off anyway.

I caught up on my blog reading this morning and I don’t know, one blog in particular just put me in a really pissy mood after reading it. The bad part is, it is a blog I frequent a lot and like or liked I should say. Usually I enjoy reading this particular blog because this person talks about being debt free and things to do to become debt free. The post I read today though was about bankruptcy. It was not a good one.  I thought about leaving a comment but it would probably start a whole lot of crap that I just don’t have time for.

I just get so pissed off because someone who may need to file BK may stumble upon that post and feel like a piece of crap because they even considered filing for BK. I will be honest, reading blog posts and articles like that combined with the black cloud that hangs over the word “bankruptcy”  kept me away from filing when filing is what I should have done a long time ago. The stigma that surrounds filing bankruptcy keeps people from filing when they have no other way out.  I was one of those people reading blog posts like that from people who just don’t know. If you read my earlier blog posts-you will see how I tried to avoid filing for bankruptcy but sometimes you gotta do what you gotta do.

People get sick! Most don’t have health insurance. (I don’t have it-who can afford it nowadays IF it is even offered?) Some people get really sick or become disabled-even with insurance and get medical bills they can not afford.

People get laid off and if finding work before was hard-try finding a job in this recession because that’s what we are living in!

Let’s face it-divorces happen, a spouse may die-things do happen!

There are people that just got in over their heads and have tried credit counseling, debt consolidation or settlement and can’t keep their heads above water! They don’t deserve a second chance? How many times do businesses file BK or get a bailout when they fail?

There are some people that are trying to screw the system by racking up debt then file for bankruptcy to get out of paying it-that I don’t agree with.

But for people to constantly constantly constantly bash filing bankruptcy when they have no clue because they have never had to do it just baffles me. I am sure I will get an email or comment about this post where some may disagree with me-that’s OK. We all are entitled to our own opinions. But for anyone who reads this and truly feels they are trapped with their debt-if filing Bankruptcy is what you need to do…DO IT!

What I also hear a lot is “I read Dave Ramsey and I got Gazelle intense and I got 2 and 3 jobs and I paid my debts-it was the right thing to do!”. Kudos-to those who could and have. I wonder how many people can honestly do that now in our current economy where finding 1 job is a full-time job of it’s own! Gone are the days where you could deliver pizzas or newspapers for extra income to pay off debt. Crap, newspapers are even going out of business! There is always that possibility you could find a few jobs, my husband is doing it now after how long of looking for one?

The next argument is-people should always have at least 3 months of savings in case of a layoff. True. But most people I know have been laid off a heck of a lot longer than 3 months. On top of it all, their spouse was laid off from what they thought was a very secure job. Look at the Post Office, some cities are cutting jobs and hours, look at IBM and all the other big companies. What is really secure anymore? Were these people living beyond their means? No. I am sure there are some out there that have and are really struggling but that is not the case with most people.

I love Dave Ramsey! I read his books and listen to his Podcast. I tried to get “gazelle intense” until my husband lost his income. I was going to do his online bankruptcy course that he offers for people that need to file bankruptcy. What most people that follow him fail to realize is that he filed bankruptcy too! Now he is worth millions of dollars and is very successful. Do you think he would be where he is had he not filed bankruptcy? Probably not. He came out of bankruptcy smarter about his financial decisions and is able to help others now. I think that is a good thing.

Am I a cheerleader telling everyone to just go out and file bankruptcy-NO! Just the opposite. That was part of the reason I started this blog. To document it all.  We all owe different amounts of money and owing $30k compared to $155k looks a whole lot easier to pay off  to some but it’s not always a reality for others. Especially not to the person that has been laid off months ago and has been pounding the pavement everyday in today’s economy trying to find a job just to put food on the table and keep the lights on.

So if given the choice to put food on the table or pay a credit card minimum-I would hope they choose the food. Especially with what I know now. I would hope a call to the creditor letting them know of the financial difficult would be made but I wont hold my breath for too much help from them. I have been there-done that.

Filing for bankruptcy is no get out of jail free card. I know the consequences I may have to pay for filing for the next 10 years of my life. I will probably need to put deposits down on utilities, pay higher insurance premiums and deal with any other fallout that may come with it. I thought long and hard about it; weighed the pros and the cons. This is what was best for me and may be the best choice for some. I will take my filing as a learning experience-definitely not a bailout! This is something my husband and I will both need to live with for the rest of our lives. So to read that people filing bankruptcy is going around like a disease just irks me-it really does.

My advice from all of this-if you are looking for a way out of your debt mess-read as much as you can about all your options. Read blogs like mine and others from people who have been through similar situations. Take that information to make an informed decision for yourself. Not because it worked for me or didn’t work for them. Only you know what will work for you and your situation. Believe it or not-it may not be bankruptcy. But if it is, it is not the end of the world for you because you filed bankruptcy.