No, you are not a failure if you file bankruptcy.
Bankruptcy is, and should be, a last resort.
The giant banks and mortgage companies that, with their politician friends, brought about the worldwide financial crisis, did not file bankruptcy themselves because the politicians they bought bailed them out.
They should be criminally prosecuted, but, the politicians are in charge of that, so, guess what?
Big time mortgage crooks are not being chased.
Consumers, in Michigan and everywhere else? Let them eat cake!
So, jobs out, income down, especially in our state of Michigan, bankruptcy filings go up.
I see my role as, advising Michigan consumers, to get the facts, how much are you making, what are your living expenses each month, before you can determine if filing bankruptcy makes sense.
If there is money there to pay creditors, fine, you can do that in a Chapter 13 bankruptcy case and get the creditors off your back.
If not, you can file chapter 7 bankruptcy.
If you do not file chapter 7, what is your plan for dealing with the creditors?
The Constitution requires that Congress establish uniform laws of bankruptcy, and theare in another page on this site.
Only a con man feels good about filing.
And, if you file and discharge your debts, and come into money later, you are free to pay anyone you want!
There were over 1.4 million bankruptcies filed in the United States last year, and a husband and wife filing together counts as one, so probably more than 2 million people filed, in that one year alone.
The overwhelming majority of people who file, at least in Michigan, do not have the money to pay their creditors, in or out of bankruptcy.
The creditors were kidding themselves when they got the law changed, that they would make more money by making it harder to file.
But, if the choice now is between feeding the kids, and helping VISA make even more money, well . . .
File Bankruptcy, Am I A Failure?