Yep, today I’m probably going to tick some people off, but this topic keeps coming up and you should know where I stand. I am truly against filing bankruptcy for debts that somebody accumulated by living beyond their means.

If I create a debt, I feel obligated to pay it back. It might sound cliche, but my husband and I see it as a matter of “honor”…we created the debt, so we need to pay it back.  Coming to a payoff agreement is a mutual decision between the creditor and the buyer, so I’m cool with that. Simply declaring bankruptcy and never paying back what you owe seems wrong. Yeah, you get years of bad credit, but that’s not payment…that’s a consequence of not keeping your word.

I cringe at tv ads and online suggestions that explain to people how to get out of their financial obligations. I know people that work their debts off and wish others would do the same.

When I post about debt, it’s about how to save to get rid of it, not how to declare bankruptcy to make it go away.  I understand life can serve up crappy scenarios like medical problems, job loss, death, etc, but I also know that you should have emergency funds and enough insurance coverage to be able to handle financial emergencies that may pop up along the way. Being prepared for bumps in the road is just as necessary as paying your monthly bills.

So, there you go.  That’s my spiel.

Where do you stand?  Does bankruptcy seem like a justified way out?  And now a note from an interested company…

For help or advice on IVA (Individual Voluntary Arrangement’s) and other Debt Solutions please do not hesitate to ask.