Also when you are having a bankruptcy you are not supposed to talk to creditors just give them the lawyers number and say have a nice day and hang up , and never agree to anything on the phone , go buy a cheap 20.00 answering machine and have them screen their calls, were they filing a chapter 7 or 11 , i just did a chapter 7 , you know it is illegal for them to call and harass you after you have repeatedly given them the lawyers numbers, and i would just tell them to quit harassing make sure not to threaten them tho. If they filed a chapter 7 make sure thet anything that they listed on it , that they dont pay a penny to any of the bills or it could get their whole case thrown out of court , it is just better not to talk to them at all.
Q: I have to ask this question… while I know that this is the law, I have to wonder about this. As a small business owner who has been a victim of 5 customers who had filed bankruptcy, it doesn’t seem morally right to me.
I have never/could not even envision myself of declaring bankruptcy. (No offense intended to anyone who has done so) I have even heard of people (friend of friends) who actually ‘planned’ backruptcies, and some who had purposely run up additional debts in the months prior to declaring.
I know that it’s not possible to return products direct to a credit card company to reduce debt, and that many, many things we purchase are disposable or unreturnable, (plane tickets/ clothing/food, etc) I would think if I were to find myself in such dire straits, I would imagine I would contact companies to explain my situation, and try to affect returns of large ticket items to try to reduce my debt. Things like vehicles and large appliances would fall under this large ticket umbrella. Is that not ever an option?
A: I do believe that it is ethical and moral to try to return that which one bought, or in failing that, sell it so as to pay back that money.
I did this when I was in did. I wouldn’t have felt right otherwise.
But I was not referring to ethics or morals when I wrote that about the law. I was writing strickly about the law…as you yourself mentioned.
I also believe that it is unethical and unmoral for CAs to try to browbeat people in debt to pay up. They should help and encourage repayment…which what most people want to do anyway…they just need a little time and a break or two.
But I will say this…and it may be unpopular…
But there is absolutely NO EXCUSE for anyone to file for bankruptcy.
There are alternatives to prevent this. And had they taken a little precaution BEFORE all this trouble occurred they would not even be in trouble. And I don’t care why the circumstances. I don’t care about the excuses…if you are doing bankruptcy then you brought it on yourself.
Yes it may be warrented to do BK. But realize that it is and was your fault.
Instead of buy, buy, buy mentallity which is just implants from the credit card companies instead…
Put a little money aside every month — 10, 20, 25%. More if you can afford it.
Live below your means.
Never use credit to buy something. If you don’t have the cold, hard cash then you can’t afford it.
Pay down the mortgage as fast as you can.
Only buy cars three years old or more. And pay cash.
Use coupons and other incentives to lessen the monthly budget.
Make sure you have money set aside for fun things.
Have at least three streams of income.
If you do the above NOW then you can and will prevent bankruptcy.
Of course, I learned my lessen the hard way as many here did. But fortunately we can learn from our mistakes. And if we get this word out to those that haven’t walked in our shoes then maybe we can prevent them from ever having to face what we have been through.
Hope that helps to clarify.