No Mystery in State of Bankruptcy
There is certainly no mystery about a debtor going into the state of bankruptcy. When you start to become insolvent, you will know it. A common symptom for going into bankruptcy is that you do not have enough monthly income to pay for your monthly expenses. Not being able to pay your monthly expenses, you get financially behind and more financially behind until you realize that, soon, you won’t have any assets left that you own outright. On the other hand, bankruptcy success might be a mystery to some.
Bankruptcy Success Mystery in Personal Bankruptcy Story
An interesting, personal, and successful bankruptcy story I read this morning on a bankruptcy blogging website got me to thinking about how much of an antithesis “bankruptcy success” must seem to those who have never experienced financial bankruptcy. Certainly, the use of this metaphor must seem strange and mysterious to those who have been fortunate enough to always be able to pay their bills on time. After all, how can there be bankruptcy success?
The personal bankruptcy story inspiring the blog I read this morning was written in October of 2011. It comes from a former debtor who revisited the blogging site after having successfully completed and closed a bankruptcy in October of 2009.
The filer, forced into a Chapter 7 because of too much debt, wrote that the 2009 bankruptcy had gone smoothly during the bankruptcy process despite tithing 10% along the way, having to lose properties through foreclosures, and having their credit completely ruined.
Before the bankruptcy was closed, the former debtor opened a small business for herself that has been doing well ever since. She did not take a paycheck until the spring in 2011. Her children moved out of the house they were renting, so in the summer of 2011, her and husband moved to a smaller house they rented for less. Since the bankruptcy gave them a fresh start, the couple have been able to now “save for retirement, have sinking funds, have an emergency fund, and can go do fun things every week.”
The debtor further blogged “We purchased a new car with 0% financing without any questions, and other than that, we are now living on a cash basis. My husband did get two small credit cards to rebuild, but we pay the balance monthly and hope to drop these soon as they both have annual fees. I just got approved for a Capital One card with no annual fee, and 0% interest until who cares when, because I won’t be carrying a balance!”
Practical Application for Bankruptcy Success
This blogger’s bankruptcy success story is not as unusual and mysterious as it may seem. Actually, it is a more common story about filing bankruptcy than the stories you might most often hear about, especially when complexities seem to be the rule rather than the exception.
The practical application for you having a bankruptcy success story like this one is to have a bankruptcy attorney help you file your case. That is exactly what the blogger did in this particular bankruptcy case, and that is no mystery.
- Filing Bankruptcy With Financial Ties to a Relative (betterbankruptcy.com)
- A Credit Card and the Diary of a Debtor (betterbankruptcy.com)
- Bankruptcy and a Two Year Wait for a Mortgage After (betterbankruptcy.com)
- A Chapter 7 Requires a Debtors Statement of Intention (betterbankruptcy.com)
Latest posts by admin (see all)
- Free Information Resources for Filing Bankruptcy - August 15, 2013
- When Creditors Change the Rules in Mid Stream - August 13, 2013
- Understanding the Concept of a Claim in Bankruptcy - August 8, 2013