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    bankruptcy - anybody ever jealous

    I realized the other day that I felt a little jealous when a woman at Curves was bragging about all the new expensive furniture she bought. She declared bankruptcy this summer so she "doesn't have any bills to pay anymore". I had an awful urge to tell her off.

    I guess I felt resentful because there have been several times in my life when I've worked two full-time jobs to pay off my debts (mostly medical expenses).

    I think too many people declare bankruptcy simply because it's easier than working to pay their debts

    Don't get me wrong, though, I have NO problem with bankruptcy if it's due to situations that can't be helped like medical expenses, death, etc. I am only upset with those who have lived beyond their means with fancy vacations, cars, houses, etc.

    #2
    No, I have never been jealous of anybody who filed bankruptcy. I can't imagine ever being jealous of that. I don't care what material items you have that you got as a result of filing - it wasn't worth it. My reputation and morals and credit score and self-esteem are worth far more than any furniture or electronics or anything else.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

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      #3
      Originally posted by disneysteve View Post
      No, I have never been jealous of anybody who filed bankruptcy. I can't imagine ever being jealous of that. I don't care what material items you have that you got as a result of filing - it wasn't worth it. My reputation and morals and credit score and self-esteem are worth far more than any furniture or electronics or anything else.
      Agreed.

      Jealous of some new furniture? Nope. Not much jealousy for material things. Likewise, I wouldn't trade my financial security for a bunch of material stuff. No way!

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        #4
        I don't feel jealous, but I do feel a bit of pity.

        This lady obviously didn't learn the lessons from bankruptcy. She's already not paying attention to how her actions will affect her finances. I see her filing again down the line and losing everything. Again.

        Can you imagine what her retirement will be like?

        Do you think she paid cash for the new expensive furniture?

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          #5
          No because while it's good at first, it does catch up. Imagine having to worry about repo and creditors calling.
          LivingAlmostLarge Blog

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            #6
            Don't be jealous. Trust me on this one. My wife and I just got our discharge papers for our bankruptcy. It is nice not to have to pay the hospital or other bills that caused us to file bankruptcy, however, you feel like crap and your morale is lower than dirt because you couldn't pay the bills you owe.

            Also for us bankruptcy was last resort. I would much rather have worked to pay off our debt instead of filing. I couldn't get a job to save my life and then had a major medical problem come up. If someone could have told us how to pay off $145,000 in medical and some other debt on one income I would have been happy to listen. But when the credit counselors and your attorney both tell you the only option is bankruptcy you generally listen.

            Then of course there is the stereotype out there that people feel the need to share about how everyone who files is a deadbeat just skipping out on bills. Nothing more fun than hearing those conversations and feeling worse than you did before.

            And lets not forget can't get credit for crap. And what you do get will be insane. It's a lot of fun to not have a credit card or whatever to pay for a vet visit or a car repair when you don't expect them and haven't saved even close to enough cover those expenses. I highly doubt the car repair people will take monthly payments and still give me the car.

            So trust me you don't need to be jealous, it is no fun, and I bet that woman isn't as happy as she seems.

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              #7
              "The loudest guy/girl in the room is the weakest guy/girl in the room"

              -Denzel Washington, from American Gangster

              I would pay no mind to anyone who has no sense but to discuss her personal bankruptcy as an accolade.

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                #8
                Originally posted by KellyJef View Post
                I realized the other day that I felt a little jealous when a woman at Curves was bragging about all the new expensive furniture she bought. She declared bankruptcy this summer so she "doesn't have any bills to pay anymore".
                Which occurred first, the bragging or the bankruptcy?

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                  #9
                  The events and mental anguish leading up to bankruptcy would override any elation from "financial freedom" from debt.

                  A bit more abstractly... I have thought about how life would be if I lived outside the modern financial system by abused it fully - living off borrowing and never intending to pay. I think it would cause so much uncertainty and stress that it isn't worth it.

                  I would prefer to live an honest life, building up personal wealth and having real financial security.

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                    #10
                    Kelly, don't envy her. Bankruptcy is not a pleasant thing and any person with a trace of a brain would NOT want to repeat the mistakes done before this. She hasn't learned her lesson. Never put your financial security in danger, just because you see reckless people do. That's not life.
                    Personal Finance Blog | Dojo's PF Musings

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                      #11
                      bankruptcy - anybody ever jealous.....

                      Well said by almost everybody, there is nothing to be jealous about filing for bankruptcy. I have a friend who did that, traveled a lot after filing and now suffering again from financial indebtedness. I don't know if they can file for another bankruptcy?

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                        #12
                        First off, I don't think bankruptcy should be an option at all. Do away with it.

                        Secondly, I can see some of your jealousy/aggravation. The way bankruptcy laws and procedures are setup, someone can file, and in five years have decent enough credit to get the things they need, mortgage, etc.
                        Someone doing it properly will be paying on their debts probably longer than that. Until they change the laws/policies regarding bankruptcy, it'll always allow, almost encourage people to file.

                        I have an acquaintance who has filed bankruptcy. He now has a new house in a great part of town, family trips to Disneyland, etc. The whole time I'm paying off student loan, mortgage, adding to savings and Roth.
                        The way the bankruptcy system is setup right now, just like mortgage reform, it benefits the least responsible people in our society while it hurts the responsible, and as a bonus makes us pay for it. Welcome to the new USA of today!

                        /gets off soapbox/

                        Cheers!

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                          #13
                          I thought that bankruptcy laws in the US were tightened up about 5 years ago, making it more difficult to qualify, especially for the kind of bankruptcy that obliterates debt. Anyone know?
                          "There is some ontological doubt as to whether it may even be possible in principle to nail down these things in the universe we're given to study." --text msg from my kid

                          "It is easier to build strong children than to repair broken men." --Frederick Douglass

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                            #14
                            Originally posted by Cassius King View Post
                            I have an acquaintance who has filed bankruptcy. He now has a new house in a great part of town, family trips to Disneyland, etc.
                            And so you assume they are doing this all without debt? They likely have a mortgage, and are borrowing on CCs to keep up that unsustainable lifestyle.

                            The whole time I'm paying off student loan, mortgage, adding to savings and Roth.
                            Don't worry about that. Even if you filed bankruptcy, your Roth is protected from creditors, SLs are not bankruptable, and many states have homestead exemptions.

                            In other words, even if you filed, you'd be in essentially the same spot.

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                              #15
                              I have a friend that filed bankruptcy. It cleared most of his debts, but it didn't change his lifestyle. Here we are two years after he first filed and he is getting himself back in the same spot that he was in before. So, I am not jealous of any aspect of his approach toward finances.
                              Brian

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