Lately, the topic of filing bankruptcy has become commonplace in social circles. Everyone, rich or poor, probably has someone in their neighborhood that is filing bankruptcy and facing foreclosure. For some, it's no surprise that they ended up in bankruptcy because of living way beyond their means. But isn't this the American dream? I don't think that people knew the trouble the credit industry would bring to this country when revolving charge accounts came about. Back in the 60s, people who wanted to buy something would put it on layaway, making small payments over a period of time until the item they wanted to buy was paid off. At that time, they would excitedly make the last payment and bring home their new TV, stereo, couch or whatever. Over the last 40 years, the credit industry has made it easier for individuals to have it now and pay for it later. I would even go as far to say that when people sit down and pay their bills, do they even remember what they bought to make the balance that high. I believe it all becomes convoluted and part of their budget. The idea that you need to have credit cards has been inbred into society to the point where people believe they can't live without them.
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Some people think that people filing bankruptcy see it as a way out of debt to just do it all over again. I'm sure there's a few of those, but for the most part, nobody really wants to file bankruptcy. In fact, most people do everything they can to avoid a bankruptcy filing for as long as they can by making minimum payments to kick the can down the road. I guess they're hoping for some sort of windfall like winning the lottery.
Most people make many foolish financial decisions to avoid filing bankruptcy including, borrowing money from friends and relatives so they're able to make their bills at the end of the month. Another major faux pas is when someone gets another credit card so they can continue charging while making the minimum payments on the other charge accounts. And while credit is still available, if they have equity in their home they might just take out a home equity line of credit. When all the credit starts to dry up, some will borrow from their 401(k) to keep the financial ball rolling. And lastly, as a last ditch effort to not call a bankruptcy attorney, they sign up with a debt settlement company that promises to negotiate their balances down only to find out they're in worse shape than before.
The only thing that really works for severe debt is bankruptcy. When people are living paycheck to paycheck there will be no way to come up with enough cash in a lump sum to get out of debt. Making the decision to file for bankruptcy will stop all the craziness. Before someone burns through any assets they have they should speak with a bankruptcy attorney and not let what they think of Bankruptcy get in the way.
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