Thanks for everyone's contribution to the topic so far.
Bankruptcy is a big deal, I get that. In essence it could ruin most peoples lives. But I asked myself, what exactly are the major ramifications. There are just a few, albeit large, considerations why people are and should be so afraid of bankruptcy. Homes, Cars, and Education.
The house I am in now, I plan on staying for the rest of my life. So I dont care about being financed for a new one. It doesn't affect me, its not in my name and I pay my share of the mortgage. Cars... I have no need for a lexus or anything else. A smart buyer pays cash and they buy 2-3 year old reliable used cars anyways.
Education. If you have kids you are destroying their chances of college if you try to help finance it with a bankruptcy settlement on your credit report. 1. I dont have kids nor do I want them. 2. I think a kid should pay for college on his own anyways.
So I am curious as to SPECIFICALLY how declaring bankruptcy is going to hurt me. I dont ever want to use credit again in my life, the first thing I read or see on TV when giving out advice for saving money is DO NOT USE CREDIT...
It will take me 5-10 years to pay off this debt(doubling up payments).. all those payments, all those finance charges could instead be going right into an IRA account and a side account for a new(used) car in the future. Instead of wasting it away and never seeing it again.
So tell me, please, how exactly is bankruptcy going to hurt me. Without using generalizations like "its going to ruin your life" or "you never know if you need credit"... specifically how is it going to hurt me. I see no downside.
I realize I can get a second job, 3 jobs.. to pay it down. But I ask you why. The ONLY thing I have distilled from the community's responses so far seems to be the moral notion of "you borrowed it, so you should pay it back"... is that the extent of it? That is the final consensus why I should not go through with the process... I am not questioning the merits of such a statement, simply whether that is the basis and core of your retort.
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