Am I the only one in the world that is happy about their bankruptcy?

Question

I read things about being refused a bankruptcy and I worry, but mostly I have slept soundly for two days since making this decision with my husband. I know that my credit is ruined (it didn't work out so well so why should I use credit again) and I have a public record as a bankrupted person, but I will be able to pay my perscription bills and buy my kids shoes.
Keep in mind that I haven't actually been to court yet. OOo. I should do a blog.
Comments?

Answer 1

I was humbled by my bankruptcy but I bought a car 2 months ago and paying only 15.45% Interest. My car insurance was going to increase by $700 but thanks to a good agent - the increase was only $200 (bad credit plus a couple of speeding tickets). As my credit improves and my good driving record increases, the premium will return to where it was.

Besides my car loan, I live on a cash only basis. I am also on disability and my income is limited. I have no need for credit cards and cell phones at the present. I do not wear rags but I have no need to buy new and expensive clothes. Before my bankruptcy, I had almost $100K total credit limit on my cards. I even had a card with $35K credit limit until I lowered it to $3.5K. I can live with the prospect of no more mortgages - nothing; In fact, I wish to marry a rich woman who will share those things with me. :)

Answer 2

There are some occasions when the only choice you have is to file bankruptcy. It can ease a heavy burden from you. I have not filed bankruptcy, but I just recently had to foreclose on my house. I had purchased it with my ex-husband, which after a year left so I was left all alone with the mortgage. I tried to do on my own, but it was no use. I fell behind and everyday I was afraid to answer the phone or even check the mail. I tried to sell it, but the market is not doing so well where I live. So I came to the decision just to let it go. It was a sense of relief. I had no other choice. Sure I know that it has ruined my credit, but at least I can answer the phone and check my mail without fear of another default letter.

Answer 3

This had to be a very difficult decision. Credit is important in every aspect of our lives, not just for buying a new home or car but for financing a child's education, paying expensive hospital bills or applying for a job.

Bankruptcy stays on your credit record for 10 years. In the interim, you should be able to buy a house after 2 years from the date of discharge if you pay all future bills on time. Cell phones, library fines, and even utility and rent bills may still report to the credit bureaus. For your immediate future this painful step to financial salvation may be necessary whether Chapter 11 or 13, for your family's survival.

Answer 4

I completely agree with you. You can only stress so long about bills. I had to file Chapter 13 this year after a divorce, and I'm a loan officer - just imagine how well that went over where I work. But, my daughter is more important! You have to do what is right for you! And actually you're credit is only ruined for a short time and you'll recover!!

Answer 5

I agree that avoiding credit is a good idea. However, I suspect when you go to court, you will find out actually going though bankruptcy is much less pleasant than you currently believe.

Answer 6

The party of deregulation is blaming the left for the bank failures!!!! "Concerns were growing about the government's ability to maintain distance to the private sector and doubts rose about the quality of firms' auditing and reporting standards" We are reaping the benefits of capitalism. If you throw enough money around you can put anything you want on your annual report.

Answer 7

Yeah I've been through that many moons ago. You're basically on work release from debtors prison for 7 yrs or more.If you're not going to be able to live off the public dime then plan on working harder or getting an additional job. Not exactly something to be happy about.

Answer 8

Hmmm...happy about a bankruptcy. Not a good attitude. Telling all of you debters to kiss off - no money for you...nice. As for your credit (and your noncaring attitude towards it), good luck purchasing things where loans are needed. Oh yeah, and have fun with those higher insurance premiums due to your bad credit.

Answer 9

Methinks you're temporarily euphoric because you feel a 'load lifted off your shoulders'. Wait until the other shoe falls after court, and you find out how difficult it is to live without decent credit.

Sorry to burst your bubble now, but it's going to be burst sooner or later anyway.

Answer 10

Aren't you proud of yourself. Do you realize that the cost of your debt forgiveness is passed on to everyone else in the form of higher prices for things. You're a burden on society. You're no better than those beggers I see out on the street. Congratulations, loser.