Never Say Never about Bankruptcy
The last few days I have had several people re-file bankruptcy, either to save their home or to seek relief from mounting credit card debt. One such client must file a Chapter 13 bankruptcy, because his home is up for foreclosure. Another client is in a tough spot as well, because he recently took a pay-cut, but still earns too much to qualify for a Chapter 7 bankruptcy. The Chapter 13 will help both of them; the first by saving the house, and the second by enabling the debtor to pay off the credit cards at a 0% interest rate rather than at 30%, as was previously the case.
Both of them admitted to me that they told themselves they would never allow themselves to be in this position again. Their desperation and stress was very evident to me, so I tried to comfort them as much as possible by letting them know that they are not alone in re-filing. Many others must do so as well, because they step in the same pot-holes that they swore to avoid after the first time around. I told them that we are all human, and as humans, we are not perfect. We can not always predict or avoid the hardships that present themselves to us in life, and must do the best we can to deal with them as they come.
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