The Truth of Credit

Do you feel that God has forsaken your financial future?

Mrs. Field’s, the ever so lovable cookie-maker, despite most likely having Ivy League financial whizzes running its finance department couldn’t prevent the company from going up in smoke. So the next time someone asks if you filed bankruptcy just refer to it like major companies as a “Prepackaged Plan of Reorganization.” So many people fear bankruptcy like it’s the “plague” when in reality sometimes it really is the best option.

by jleighb

Signs it’s time to go Bankrupt

• If you were making $100,000 2 years ago and lived like the Real Estate market would never drop; you most likely aren’t making $20,000 now and are probably looking for other work (This unfortunately is the situation my realtor and mortgage broker friends have found themselves in).
• You’ve been forced cut back on every essential (i.e groceries) and paying your creditors causes you’ve fallen behind on your essential payments, such as your mortgage/rent, car payment, insurance or utilities.

Mental Signs it’s time for Bankruptcy

• You are losing sleep, constantly arguing with your spouse, considering divorce or contemplating suicide because of financial pressures.

• You are considering doing something illegal or thinking of pursuing shady credit repair strategies in order to relieve the pressure of dealing with your creditors.

Quote of the Day

It is said that the world is in a state of bankruptcy, that the world owes the world more than the world can pay. - Ralph Waldo Emerson

Related Post

• The Worst Part of Bankruptcy
• Some of my Favorite Bankruptcy Myths

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