Having gone through a bankruptcy 7 years ago, I'm still feeling
the shockwaves of that fateful event in the form of higher
interests rates when I apply for loans, and living with the
whole stigma that bankruptcy places on you.
It was 1990. I was a freshman in college. Walking through
campus, I'd be bombarded with credit card offers on a daily
basis. One day I though, "why not?" I got my first credit card.
$500 to do what I want, who can beat that? The problem was, that
it was so easy to apply for credit cards I ended up applying for
all of them, or so it seemed. Actually, I had at least 5, and
soon enough, they were all maxed out.
And then I bought a car, which only added to my mounting debt.
Fast-forward 7 years. I had amassed a serious debt, and I didn’t
even have a decent paying job to keep up. It was an overwhelming
experience, to say the least, and in the end I decided that
bankruptcy was the only option.
They make it so easy to declare bankruptcy these days. The
lawyers and their commercials tell you how low cost it is, and
how simple. Just go into their office, fill out some paperwork,
pay them their check, show up to court, and you’re done.
It’s the aftermath they don’t tell you about—the shame, the
guilt, the disgrace that it places on you, the inability to get
decent rates on credit cards and loans, or even rent an
apartment.
It’s been 7 years now since that fateful day in court, when my
slate was wiped clean. As relieved as I felt for no longer
having to deal with the insurmountable task of paying bills I
could no longer afford to pay, I didn’t feel very good about
myself, and still don’t.
They say that a bankruptcy stays on your record for 10 years so
I have 3 more years to go. In the meantime I’m getting married
soon, so how do I tell my wife-to-be that we can’t buy a house
just yet? We have to wait three years.
No, I haven’t told her yet. I’m too ashamed.
That's why I started Debt
Relief Central to let people know that there are
alternatives. Hopefully, people will learn from my mistakes and
think long and hard before deciding that bankruptcy is the
answer.
In my opinion, it's a bad decision and a short-term fix to a
more serious problem. In the end, you still end up paying your
debts in the form of internal strife, external perceptions, and
higher interest rates.
|
