Hello Frugal Confessions Readers! I’d like to get your thoughts today on the issue of bankruptcy. Of late, as Crystal over at Budgeting in the Fun Stuff has voiced her opinion about, filing for bankruptcy has become less taboo and almost…a tool in your financial arsenal. Suze Orman discusses this option with her callers more and more, and bankruptcy filings have been on the rise.
Redeeming Riches talks about the ins and outs of filing for bankruptcy, including how much it will cost you. Wealth Pilgrim discusses how to declare bankruptcy and not lose your home equity, as well as the differences beteween a Chapter 7 and a Chapter 13 bankruptcy.
Credit Slips predicts that there will be 1.5 to 2 million bankruptcy filings in 2010, which is slightly more than the 1.45 filings in 2009.
As a person who grew up with both sets of her parents declaring bankruptcy within a few years of one another (ranging from family farm, medical issues, and poor decisions), I know the relief that I felt when the creditors stopped calling. However, it makes me angry to hear about so many people dumping off their debt. What are your thoughts on this?