“Dear Steve,
Seriously behind on bills, working but can’t get caught up. CCCS suggests bankruptcy.
All the debt places seem like scams, you have to pay so much. some fees are higher than some of my debts. I am 60g in debt, really would like to repay, never thought I would be here good /excellent credit for 40 years. Is there any help other than bankrubtcy or is this it. Will my credit life be over with a bankrubtcy and will everyone know?
Lynn”
Dear Lynn,
If you go bankrupt your credit life will not be over. It is relatively easy to rebuild good credit after a bankruptcy and far faster to do other than letting bills fall behind and lag in collections.
Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.
As far as people knowing, I can’t think of any newspaper that publishes that information. It might be possible for someone to uncover a specific person going bankrupt by searching the court records but who is really going to do that?
Think about your situation like this. There is a big building that once was new and beautiful, following an unexpected earthquake the building was damaged and now has rotted and sits condemned. If it falls it has the potential to harm people. As long as the owner let’s it stand they have to pour all their money into it just to try and shore it up.
If the owner hires a contractor to tear down the dangerous eyesore, is the owner irresponsible, a loser or exercising responsibility for the situation?
Your financial situations has rotted and needs your strength to do what must be necessary so you can move forward. Otherwise you will linger in your current situation and how does that fix anything?
P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.
