Today, July 17th, 2020, article in Philippine News Newspaper. Topic is "Habitual Bankruptcy is not the answer, to a financial bad habit." Itama po natin! by Ben Lou
Q: I just filed bankruptcy 2 years ago and now I find myself in a debt hole again and I am having a hard time getting out. Why is this happening to me?
A: When people take the easy way out of paying their debts such as filing bankruptcy, they do not necessarily learn a lesson in life. Correction, I guess they do learn a lesson and that lesson is the way out of debts is to file bankruptcy. This is really the wrong lesson learned. Bankruptcy is a serious choice especially if you look at the negative effects you will suffer.
Let’s look at some items why bankruptcy should be a tough sell.
• Bankruptcy will ruin your credit for up to seven years and sometimes more. Filing bankruptcy will release you from paying your unsecured debts like credit cards which will show in your credit report for a minimum of seven years. The most critical effect will be the drop of your FICO score which represents your credit worthiness. It will be extremely difficult to secure any unsecured debt and will most probably end up owing monies to payday loan retail stores. In some job applications, they ask if you ever filed bankruptcy and you will have to answer truthfully.
• You may have to sell your luxury items if you own some in order to help settle some of your debts. Since part of filing bankruptcy involves listing your assets and it is a criminal offense to not list them all.
• You will loose your credit cards. Do you remember how hard it was when you did not have any? Well, you are going back there. You cannot make hotel reservations, rent a car and more. If you have emergencies that need the use of a credit card, you will be helpless.
• You cannot file again for six years or more depending on where you are.
• Not all kinds of unsecured debts can be included in bankruptcy such as student loans, IRS debts, spousal support and child support are not included.
• This is public record which means any person who would like to find out if you have ever filed bankruptcy can.
• By filing bankruptcy, you have just admitted full defeat and have confessed to the world that you do not know how to handle your finances.
• Bankruptcy will get you out of your hole but this affects others who are paying their debts because this is why interests go up so that banks can make up their loss from you.
At any rate, there are solutions for your debt problems other than bankruptcy. Let me help you not become part of statistics.
Ating lesson, Kung sa utang dati nang nakalusot, huwag nang ulitin na masangkot.
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Ben Lou at your service! I have over 35 years of financial experience. If you would like sound financial advice, call us at Debt Aid Consulting International. We do not use call centers. No one has the right to put your information at risk.
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