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• Reputation: 342 Q&A: 3 4 2 202 45 1 Classifieds: 0 0 what's this? Follow Following 0 mister_fusspot

  1 0 Personal bankruptcy is unfairly stigmatized; there are many scenarios in which it is a very helpful option for serious individuals who wish to get their financial house in order. A good way to learn whether it is viable for your specific circumstances is to attend the King County Bar Association's free "Make Change" clinic. I recently attended a session with a friend (true!) and can recommend it without hesitation as a tool for evaluating one's personal debt obligations, and specifically, identifying which of the multiple type of bankruptcy filings might be a good fit. As an added bonus, my pal felt confident enough about one of the presenting attorneys to hire him for his case, and very affordably, I might add. Don't let fear or shame get in the way of informing yourself about the options. A high percentage of personal bankruptcies are followed by a lifetime of responsible financial behavior. Good luck!   mister_fusspot answered in Personal Finance 6 months ago | Report Comment on this answer Enter your comment or ask a new question preview THIS IS A PREVIEW: Click "Post" to submit it or "Edit" to make changes. edit Please wait… This could take a minute if the tubes are clogged.

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• Reputation: 1345 Q&A: 14 1 26 527 77 14 Classifieds: 5 0 what's this? Follow Following 0 infernactual

  0 0 Bankruptcy is meant for those people who find themselves in a whole so deep that they will not realistically be able to climb out of it given their current/future earnings. Many bankruptcies result from medical expenses. This is tragic and an outrage and it is unfortunate that sometimes the only solution is bankruptcy. In these cases it's the best alternative and their should be no stigma attached. Another source of bankruptcy is excessively easy credit. In these cases bankruptcy makes sense if you are so overburdened that there is no way to climb out. i.e. you are paying credit card companies huge interest over years. Unfortunately, we all end up paying for this kind of bankruptcy and better planning/discipline could often prevent it. This kind of bankruptcy should have some kind of stigma because easy credit is not an excuse for bad management. But it's also wrong for credit companies to provide this kind of access/temptation and then gouge people. Often credit companies will negotiate these without the need to go to bankruptcy - especially if that is a looming threat. There is a penalty for bankruptcy and their should be otherwise it would be a get-out-of-debt-free card. Your ability to get future credit will suffer. You can get it, but it will be much harder. That's probably a good thing since it will force you to live within your means. But so much of todays commerce is credit oriented that it can be somewhat debilitating. If your debt is based on circumstances that will not change and you are paying outrageous amounts of interest to credit companies who won't renegotiate then you should consider it. infernactual answered in Personal Finance 6 months ago | Report Comment on this answer Enter your comment or ask a new question preview THIS IS A PREVIEW: Click "Post" to submit it or "Edit" to make changes. edit Please wait… This could take a minute if the tubes are clogged.

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