The Truth of Credit

For all those debtors that file for bankruptcy as nonchalantly as they would order supersize a meal at a fast food restaurant. While bankruptcy is a financial nightmare, it’s not something that you will go to jail for no matter what a debt collector might tell you. I have never gone through the process, however, I know several people that have. Here is what they consider the worst part:

“This is essentially like surrendering to an enemy and asking them to not throw you in a POW camp.”

This is exactly how my friend described his experience. In addition, he felt like he was receiving a second chance at the time but this wasn’t exactly the case.  He is a very successful person now, but every time he meets with investors for his various businesses they always ask about his bankruptcy. So the worst part is the lasting impression and public knowledge that you went through “finance troubles” that will follow you forever.

The TRUTH is there are far worse things in life. For all the non-dead beats that actually care about their obligations, the guilt of not being able to pay someone back is enough of a penalty. Others hide under this protection and are the first to charge it up again at the next opportunity they get. These are the people you can thank for the stricter Bankruptcy Laws.

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