In today's economic climate, does anyone here fear bankruptcy like me?

Question

I am not teetering on the edge of bankruptcy at the moment, but with soaring energy prices and can start to feel my disposable income dwindling and credit card debt rising. Is it really that big of a deal over bankruptcy? Should I be giving myself a heart attack about it? I don't view myself as a spend thrift, I feel I live fairly modestly. How does bankruptcy really affect your life? Right now, my wife and I rent, and we have had to pay about $3000 in medical bills in the last year (although we are insured).

Answer 1

We will be a Nation of Street People before long.

Answer 2

I don't fear it....if it happens it does. I do everything possible to avoid it and so far have. It must not be a big deal as I know many people who have done it over and over. To ME it would be a loss of pride.

I was thrown on disability (SS) a few years back because of a genetic disease and they (lawyers and insurance companies) raped my whole savings so no I do not fear it.

I paid ALOT in medical bills and with no help from anyone to this day I made it.

As long as you do all you can possibly do to avoid it ....and then it happens. So be it. Like I say I have seen

people time and again take bankruptcy and the next few years you see them with new cars, new toys and eating out all the time. Blows me away.

Answer 3

In today's society, we  could care less if you file bankruptcy.

More than 1 million people daily file bankruptcy.

You are by no means special in the recard.

Panicing will only give you ulcers.

We are all in the same boat here, the Government has seen to that.

They have more control when we as a people are disabled.

Answer 4

Yes..http://greatdepression2.org/       http://www.amerikanexpose.com/quotes1.ht...  http://www.rense.com/general81/extr.htm

Answer 5

I chose, quite some time ago to be debt free.

I chose, at the same time to never again buy a home.

The reason is simple, property taxes.  Even if I pay off the home, I'm still on the hook to the tax man and that never goes away. On the other hand, if I rent, I can always move to cheaper digs.

To me, real freedom is financial freedom.

However, like you, I am not looking forward to the day when I have a catastrophic illness where I am forced to declare bankruptcy.

50% of all bankruptcies are due to medical costs

50% of those had insurance.

http://www.commondreams.org/headlines05/...

I hope some day soon, those two figures become a distant memory for all Americans.  We should be doing better for our people, but we don't.  Remember, its We The People, not We the Big Business.

Links on health care costs, fraud and countries comparisons

http://www.kff.org/insurance/snapshot/ch...

http://findarticles.com/p/articles/mi_m0...

http://en.wikipedia.org/wiki/Health_care...

http://thehill.com/the-executive/federal...

Many Americans do not have insurance, or the employer offered insurance they can not afford

http://www.sfgate.com/cgi-bin/article.cg...