One of the most common calls I receive from people is around a question that is weighing heavy on them – should I go bankrupt. \u00a0That is not a question that someone just wakes up one morning and asks themselves. \u00a0This is a situation that has been going on for months and likely even years. \u00a0However, it has now come to the point of them probing the question.<\/p>\n
As I speak with people to learn more about their situation, I quickly learn that most people are not bankrupt. \u00a0While there are some legitimate needs, most do not fall into the legitimate or necessary need category. \u00a0Most people just need to make some tough but serious changes, bite the bullet while they feel the pain, and do things differently than they have in the past. \u00a0Most, I have learned, find that bankruptcy is too easy and that is the route that they prefer.<\/p>\n
Gone, it would appear, is the stigma that was once associated with the word bankruptcy. \u00a0Along with that, understanding that the credit report impact is only for, depending on the filing, 7 to 10 years – people choose what they feel is the easier route to get them back on their feet. \u00a0While those two may be correct, what are the other drawbacks?<\/p>\n
First, what if your employment is affected by a bankruptcy filing? \u00a0Depending on your position it may. \u00a0Even beyond that, what about prospective employment you may pursue over the rest of your career and what if years from now, even after that 10 year credit reporting window, you are asked on an application, “Have you ever declared bankruptcy?”<\/p>\n
Finally, what about your management of your finances during and after bankruptcy? \u00a0What I have learned from many is that once bankrutpcy has been done it is likely to be repeated. \u00a0People often do not learn because they never felt the pain. \u00a0Remember, your mother did not teach you to not touch the hot burner – you did when you touched it even after she told you not to.<\/p>\n
I have had, and currently have, clients who are or have been bankrupt. \u00a0Almost everyone will tell you, “bankruptcy is too easy…”<\/p>\n
What about you – is bankruptcy too easy?<\/p>\n
<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
I have had, and currently have, clients who are or have been bankrupt. Almost everyone will tell you, “bankruptcy is too easy…”<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-1322","post","type-post","status-publish","format-standard","hentry","category-bankruptcy"],"yoast_head":"\n