Bankruptcy....WHY NOT??!

Kevicho

The board says quite clearly at the top
Remember, this is an open forum! Anyone can post so always exercise caution when acting on info.

Debtmonkeys life has been improved by declaring bankruptcy, and that can only be a good thing, im all for using legal avenues to screw companies, however as stated BR is not a get out of jail card and anyone considering it should obtain solid legal advice.

I myself am working to pay off my debt, but my situation is different to a lot of peoples and I am not here to judge others, just spread and receive advice.

My best wishes go to both boards as tbh were all in this together and realistically this country is pushing people into debt.

philnicandamy

I totally agree

Kevicho...summed up very very well

Kevicho

philnicandamy wrote: »

I totally agree

Kevicho...summed up very very well

Thanks, I know how hard people on the DFW board work to repay their debts, and the OPs post could be interpreted as beingtrivial, i think it could have been worded more a lot more carefully.

But one less person with debt is a good thing, i hope the future remains bright and that lessons are learned

TS_777

It is a very useful discussion and thanks to DM for starting it. I also thought so many times why bother making this mad splash repaying the debt, why not give up and declare bankruptcy???

From other posts and my own experience I came to very interesting observation that "debt-related misery" is actually good for people that's why they choose to be DFW rather than BR.

Being DFW gives:
- clear purpose in life (fighting your debt to its death)

- it gives moral uplift, many people feel that they are fighting for their honour, so it gives more dignity and self respect to people

- it keeps person in economically healthy life style (debt is like a red tape reminding you not to overspend. There are people who went through BR several times. There could be several reasons why, but most likely they did not learn how to manage their money from the first experience. If they had chosen to be DFW and repayed the first debt rather than do BR maybe they would not acquire the second debt?

Sufferring in general is good for people. Of course not major one like death or illness of yourself and loved ones. But small suffering is good.
- it makes you feel the pleasures of life much more. Just try to starve for 1 day. Next day even the most boring food would taste delicious.
-Suffering makes people better (wiser and kinder). You understand your mistakes and you can forgive others for their mistakes. When you know from your experience that life is hard you have more sympathy for others.

Parodoxically but suffering is actually the road to happiness! That's why people's instincts point them in DFW direction (rather than BR). DFW way looks like misery but actually it is quite the opposite...It's the road to Oz.

rog2

TS_777 wrote: »

From other posts and my own experience I came to very interesting observation that "debt-related misery" is actually good for people that's why they choose to be DFW rather than BR.

Certainly an interesting, if somewhat oblique, observation, TS, and well worthy of consideration.

ABBEYGIRL_2

HI ALL im a newbie although been lurking for a while now. i am in a horrific (to me anyway) amount of debt and when i feel brave enough im going to post my soa and ask you guys for some help and im going to get myself sorted and eventually clear them all. From what information i have gathered, bankruptcy would be an option for me, but i wouldnt consider it for a second. i would lose my home, car and to be honest i would not feel happy and relieved of all the stress i currently face. there will be no better feeling for me than paying back what i owe and clearing my debts and i dont care if it takes me til kingdom come!!

fiveyearplan

Hi Abbeygirl. All well and good for you but you haven't said how much debt you're in, if you have a family, how you to into debt in the first place etc etc etc. Personally I'm in debt due to a failing business. I would also love to pay back my debt but am considering bankruptcy as one solution. In fact, I may have no choice in the matter if someone decides to file for me. Not everyone is BR through choice.

ABBEYGIRL_2

quote"I post on the BR & living with it thread. I also check this thread & see that so many of you are really really suffering, having your whole life consumed by cutting back here, full & final settlements, rights of bailiffs.....WHY??!! I realise that Bakruptcy is not for all but on looking through the posts/signitures ('debt free x 2012 etc...) I can't help thinking the pride/martyr bit gets in the way."unquote



im in debt to the tune of £45k unsecured. plenty of reasons including a sponging ex partner, a failed business and living beyond my means. i appreciate that some people are forced to go bankrupt for a variety of reasons but the op was referring to people (like me) who have the choice of years of repayments etc and of going bankrupt and they wanted to know why people chose the dfw road instead of the bankruptcy road. clear enough for ya?

DEBTMONKEY1A

Hi.....as stated did not want to cause problems but statements such as the below 'it gives moral uplift, many people feel that they are fighting for their honour, so it gives more dignity and self respect to people'and 'Sufferring in general is good for people. Of course not major one like death or illness of yourself and loved ones. But small suffering is good.
- it makes you feel the pleasures of life much more. Just try to starve for 1 day. Next day even the most boring food would taste delicious.
-Suffering makes people better (wiser and kinder). You understand your mistakes and you can forgive others for their mistakes. When you know from your experience that life is hard you have more sympathy for others.

Parodoxically but suffering is actually the road to happiness! That's why people's instincts point them in DFW direction (rather than BR). DFW way looks like misery but actually it is quite the opposite...It's the road to Oz.'

Can't get my head around this?? It's exactly my point-WHY suffer?? Again I stress that BR ain't for all (especvially if lots of equity, kids, houses are in the mix)...but in my opinion if you have little/no disposable income, little/no equity in your house (or you rent), no big flash cars/posessions then it's a quick & easy (I do not use this word lightly-I mean the process is easy) way to have afresh start.

elantan

i didnt think this one would still be going