I'm going to reply to everyone who thinks the same way as you two so I don't have to type more than one response. I'm NOT picking on you guys but giving you my take on the subject and your the ones who happened to comment first/second.
Have you ever made a MISTAKE that would cause you to default on any loan or debt?
No, I'm not expecting a response but something you need ask yourself. If the answer is YES, then isn't the "pot is calling the kettle black". Everyone deserves a second chance including debtors. That's why we have BK laws! It ain't easy in BK, I don't care who you are.
Did you know that if you have debt(s) that you DO NOT have cash to cover the amount of the debt(s), you are considered by the BK laws to be in INVOLENTARY BANKRUPTCY. That is a fact!
Involentary BK is nothing more than being in controll of BK.
As M Redneck & Vern already stated, BEFORE someone files for BK, there's other relief that is available for any type of debt.
I will say that one should prepare for BK, (the paper work), BEFORE contacting the lendor as the are "due on demand" clause to some contracts just like there's "due on sale" clause. This means the lendor may take steps for there protection against your pending "forced" BK. This may or may not effect your position if forced into BK to seek relief. I strongly urge you to seek legal advice on such matters!
Forced BK is where the lender refuses to renegotiate your debt(s), as BK may be your only choice and the lendor knows this.
Now I will say, that my kids have been warned by me SEVERAL times that if they don't change there ways of handling debt, they soon WILL be in BK. I have discussed with them at length of how to resolve there past issues and where to get other help. They have been well imformed.
I told them that if they file for BK, then there on there own and don't expect help from Mom & Dad as we have already tried to help them for many years. So far, thay have evaded BK.
We would feed, cloth and house our grandchildren but I didn't tell my kids that. However I would not do the same for them!
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