Is Bankruptcy Good For You?
There seems to be a recurring theme in our country right now, with major corporations filing for bankruptcy to get rid of (or walk away from) their debt obligations (such as their bondholders). These people worked hard, invested their money in the bond or stock market, in order to help these companies grow and as such, hire more people to sell more their “stuff.” However, when a company files for bankruptcy, they basically walk away from having to pay on their outstanding debt, leaving the investor (average American) hanging out to dry.
It is no wonder then that personal bankruptcies are at their highest levels in the United States in over 15 years, and climbing. I guess people feel that “if corporate America can walk away from their debt, why can’t I.” The point is they can. It is just a little different and difficult to file for Chapter 7 bankruptcy for individuals and families. You see, about 3 years ago, the credit card industry lobbied Congress to pass legislation to make it a lot harder to file for bankruptcy than ever before. In fact, over 35% of all those that file, eventually do not qualify for Chapter bankruptcy. Once, they do, then there is the stigma of having this show up on your credit report for the next ten (10) years. Why should you care you think? Well, other than that affecting you when you apply for a job, your auto, home or other insurances could sky rocket, as you would been seen as a “risk” to the insurance companies.
So how does one decide if bankruptcy is for them. 90% of all bankruptcies are filed through an attorney. We recommend you still seek out legal council, to see if you even qualify. As a Christian company, we condone bankruptcy, as we believe in “Repay(ing) to Caesar what belongs to Caesar and to God what belongs to God.” Mark 12:17. We believe that you should look at a
credit debt company to see if you qualify for their
debt relief program. That way you can pay off your debt, for a fraction of what you owe, without the stigma of the 10 year bad credit rating. Contact a debt settlement company today and see if this alternative is right for you.
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