too broke to bury their dead

[dreamseeker]

Originally Posted by PM_Mama00

Why don't you take some of your daddy's money and help people? I bet your one of those people who flaunts their money, basks in their richness, and doesn't give a shit about helping those less fortunate. There's special places in hell for people like you.

wow, i think that this topic has you a lil too emotional (which is understandable) and while i don't agree with everything that Kevin and others have said, maybe you should step away from the computer for a bit. or from this thread, at the very least. and i mean that in the most respectful manner.

Originally Posted by Kevin

There's always bankruptcy. People go that route all the time. Sometimes you just have to start over. Quit pretending there are no choices. It was cute for awhile, but not anymore.

i was always thought that this is the worst thing you can do, it wrecks your credit for at least 7 yrs and even after that financial institutions still ask if you've ever filed.

i mean maybe at that point its the best option anyway? just curious about ur thoughts in those respects.

[Kevin]

Originally Posted by dreamseeker

i was always thought that this is the worst thing you can do, it wrecks your credit for at least 7 yrs and even after that financial institutions still ask if you've ever filed.

i mean maybe at that point its the best option anyway? just curious about ur thoughts in those respects.

There are some advantages and disadvantages. Basically, when looking at bankruptcy, folks have to ask themselves whether they are in a financial hole which is so deep that there's just about no possibility of ever getting out.

For some folks, especially those who own their home and can afford all of their mortgage payments, Chapter 7 (if they qualify) or Chapter 13 if they don't, can really give folks a lot of breathing room and an opportunity to start over.

It's really a question for the individual and it mainly focuses on what type of debts they have and what kind of assets they have and how creditors are secured against those assets. In places like Oklahoma and Florida, homeowners get some pretty amazing protections (here you have an unlimited exemption against unsecured creditors in your homestead including a gun, a church pew, a certain number of chickens, a certain amount of land, implements of husbandry, a milk cow, etc. [you might be able to tell this is a Great Depression holdover, but I digress]).

So no, bankruptcy isn't always the worst thing you can do. Sometimes it's by far the most efficient and smartest way to get out of an impossible hole. Sure it wrecks your credit, but believe me, millions of people do just fine with spectacularly awful credit.