According to the National Bankruptcy Center, consumer bankruptcy filings ticked up in February of 2011, but so far the rise has slowed from 2010. So far, personal bankruptcies have fallen 8% compared to the same time a year ago. The data for this first couple months might indicate consumers won’t have a repeat performance of bankruptcy filings in 2010 where more than 1.6 million bankruptcies were reported, the highest level in five years. The reasons for the downturn in filings is partly from consumers saving more, paying down their debts, and having less credit available, which makes it harder for Americans to incur new debts. With credit hard to come by right now, the last people in the world you would think could get credit are the ones who recently have been discharged from a fresh bankruptcy. Here is a story that proves there are still a few good people left in this world.
This personal bankruptcy story was posted on the internet in March of 2011 as comments in a bankruptcy discussion: “We were turned down by everyone except road loans through Carmax. Originally quoted 18% for up to about $17k, but said I make too much in bonus’ and overtime and after all that was removed I made only 4.5k and that wasn’t enough for them. So Carmax ran my credit through their systems and I was approved for 27k @ 20% through Santander… We ended up getting a 08 Jeep Patriot with only like 7000 miles on it financed for about $15k. They told me from the time I bought the car I had a 3 day payment option penalty free, so if I found alternative financing I had 3 days to contact them and they would void the Santander contract. I went through everything just trying to find someway to get the interest lower and I finally broke down and went to my credit union which I honestly figured I had no chance with because they told me before I filed I would need usually 2-6 months post discharge before they will even talk to me. I sat down with a nice elderly woman who had worked there since the credit union opened. I told her the situation and showed her the car, the contract I had 3 days to void, and everything. She asked me why we filed bankruptcy, and I told her why, completely truthful about everything. I told her we haven’t been discharged even a month so I didn’t expect an approval, but its just my last place to even try. I told her even if they kept me at 20% I would still go through them just because at least then I would have a trust worthy place to go. Short story: She got us from 20.49% interest to 10.5% interest, a 5yr/100k miles extended warranty with no deductible, everything covered even free oil changes, and a gap coverage for 60 months. When she came back from the bank manager she told me I had better be a customer of theirs for life and be willing to sell blood to pay for this car because she just had to give a little!..She said she went back there and pretty much yelled at the loan manager until he approved saying its not right how these companies cheat people and try to just build more debt on young people who are trying to do the right thing and start over… They got a customer for life.”
Contrary to popular opinion, there is life after bankruptcy, and there are still good people out there in this world. It is your Constitutional right to file for bankruptcy. Filing for bankruptcy is a legal proceeding that is designed to protect both creditor and debtor and to allow the honest person or business to work their way out of a bad financial situation, or in some cases, to completely start fresh. The good woman in this true story saw the potential in starting over.
Maybe you are facing difficult financial problems, and you are thinking about starting over. There are still a few good people out there in this world that will help you begin again. Filing for bankruptcy is an honest way of dealing with a bad situation, but the key word is honest. So, if you are honest and honestly seeking a new beginning, it may be wise that you seek out a bankruptcy attorney to can help you understand how complex bankruptcy laws might apply to you in your particular situation. No two situations are alike.
If you determine you are in need of relief from the stress associated with debt and you live in or around the metropolitan area of Orlando, Florida, contact us today at www.betterbankruptcy.com . We will help you find a bankruptcy lawyer in your area that will help you with any questions you may have on bankruptcy law.
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