9/29/2005

Can't Even Afford Bankruptcy

What do you do when you finally decide to file for bankruptcy and you can't afford to do so. Hurricanes Katrina and Rita, which wiped out jobs as well as homes, are expected to add significantly to the number of filings. The filings will rise 50% faster in those areas. According to research by University of Nevada professor Robert Lawless, the bulk of the cases will file 12 to 36 months after the event. That gap between shows the borrowers' desire to find other ways to take care of their problems, but in turn they are using all of their cash and credit. This is why they don't have anything left to file for bankruptcy. Liz Pulliam Weston says they sould stop paying some bills, sell non-exempt property or ask family and friends for money. I think that some people try their hardest to be current on their bills, but when I see someone file bankruptcy to pay for a Hummer H3 it really bothers me. >http://moneycentral.msn.com/content/Banking/bankruptcyguide/<

9 comments:

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Jasmine said...

I definitely think that bankruptcy is taken advantage of by too many people. It was designed to help people that truly had a need and just got in over their head. Obviously everyone deserves a second change, but abusing the system only makes it worst for the rest of us. I thought you had a clever title, but I am sure if you really wanted to declare bankruptcy and had absolutely nothing that you could. I do hope however, that they do repot the Hummer.

Anonymous said...

Forget the Hummer. It's kind of like the welfare queen riding around in a Cadillac. A few can do it but most cannot. Same with bankruptcy. The number one cause of bankruptcy is medical bills. Congressional research has shown that less than 3 percent of bankruptcies are based on fraud. The hummer is a exaggeration to the extreme only to divert attention to the real causes of bankruptcy.

Mia said...

There may be a few that can file for bankruptcy and still live the good life but those few still bother me. For example Mike Tyson filed for bankruptcy and now he's traveling the world. Then again I guess just being Mike Tyson is punishment enough.

Dr. Tufte said...

-2 on Ava's post for a poorly formatted link, and grammatical errors.

Anonymous raised a good point - most bankruptcy is not fraudulent.

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Bree said...

The recent change in the U.S. Bankruptcy Code, which has different regulations including people receiving financial counseling before being able to file, had many standing in huge lines over the weekend to file for bankruptcy before these changes were made. This is RIDICULOUS! People should be more responsible for their own actions. They got themselves into this trouble and the rest of us deal with it responsibly. I'm so glad they've made changes to the Bankruptcy Code because it will maybe weed out those who take advantage of how easy it is to simply erase their debt.

Thomas said...

Its funny how we are so quick to write off people who wish to file.

So, a few years ago I had a couple of credit cards I paid for religious for years. Never a problem. Then I got a bill for a medical mishap I had. In short, the hospital made a mistake and overbilled me. I of course didn't pay it waiting for them to correct this. In the short time it took for this correction, the credit card companys (all except my american express) decided to TRIPLE my interest rates and DOUBLE my minimim payment. Then, all of a sudden, one of the companies made a major error and withdrew $ from 490 my bank account causing my account to close and my check from work to be deposited into a closed account.

Then, to make matters worst, my job went ahead and withdrew the money back out the bank account and sent me a paper check. But then, 3 months later, my job said they weren't able to get the money back out of the cloed account, so I either paid them 690, or I was terminated. So, I was terminated.

Yeah yeah, a lot of circumstances. I'm just wondering how I "Got myself" into this situation and how now with no job, tons of debt and a family to help provide for amd I to "get myself out" of this. I can't afford to file bankruptcy and now all those credit card companies, my ex employer, and my bank all are threatening me legal action as soon as I can get another job. Shame on me for considering bankruptcy.


BTW, before this started, I never missed a payment and my debt was around $3,250. Now, after six months, my debt is at $11,350. So I guess I would be taking advantage of THEM if I file bankruptcy.

Anonymous said...

Great site, funny.

Mike
http://www.your-bankruptcy-information.com