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Filing For Bankruptcy

Many of my friends are considering filing for bankruptcy due to the economy. Should Christians consider filing for bankruptcy?

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 ---Alex on 4/9/09
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Alex, there are 2 ways to do it your situation. Either should be subject to prayer.

!. Get another job to supplement what you earn now

or 2. Decide what expenses you can eliminate. Keep a written record of every expense.

Could you live with basic phone
service (instead of all possible services included?) Compare cell, wireless, VOIP etc.
Do you need all 1000 channels you subscibe to on TV? Could you make do with dial-up on your computer?
Pay off your credit cards,then leave them at home.
Make eating out a rare, planned occasion. No more stopping by McD's because it's on the way.

Just a few suggestions. You'd have to choose your own budget cuts and stick with them (the hardest part).
---Donna66 on 4/16/09

"How do you live within your means if you don't make enough money?"

Living within your means = not spending out more than you have coming in.

If your income is 2,000 pr mo and you are spending 2,500 pr mo. you are not "living within your means"

There are many people who have to choose between food and cable TV. But they are more fortunate then those who have to choose between say food and electricity.
---Bruce5656 on 4/16/09

How do you live within your means if you don't make enough?
---Alex on 4/15/09
The key is the word means. If a person has an expensive house and income changes, they need to sell and move to less expensive accomodations.

Also, people need to be smart enough to understand what they are signing up for. If they sign for an ARM, they need to only do so with thier budget planned at the lowest possible income and highest allowable interest rate for the loan.

Maybe a high school education should be a requirement to obtain a mortgage, and maybe said education should include demonstration of competency with percentages and interest payment calculations. It is a very simple task with an Excel spreadsheet. A child could do it!
---obewan on 4/16/09

The question should be: How do you live ABOVE your means if you do not make enough money? You can't do so responsibly.

The term "enough money" is interesting. Enough money for what? Enough money to eat? To pay rent? Enough money to finance all kinds of junk and unnecessary frivolities?

Most people establish a lifestyle and then try to make their limited resources somehow pay for it all. Prudent people look at their resources and adapt a lifestyle that fits within the means to pay for that lifestyle.

Of course that would mean doing without a lot of stuff and many of us just couldn't stand the thought of that.
---ralph7477 on 4/16/09

How do you live within your means if you don't make enough money?
---Alex on 4/15/09

Instead of worrying about being able to get new loans, how about learning to live within your means rather than on credit.
---ralph7477 on 4/15/09

My husband filed for bankruptcy before we met. We were able to buy a home and vehicles just four years after the bankruptcy was final. He had been injured on the job and was unable to pay all his bills for the year that he was off work. He now realizes that a Christian should do all possible to avoid bankruptcy. Due to the economy today, getting a loan is harder than ever and filing bankruptcy will make it worse.
---KarenD on 4/15/09

Have any of you filed for bankruptcy and what was it like? Did it mess up your ability to get new loans?
---Alex on 4/15/09

Most people have absolutely no idea of the origin of bankruptcy law in the US. It was decreed in the original body of the Constitution and codified by Acts of Congress... directly from the Bible. That's why bankruptcy law prohibits filing another within the 7-year period it takes to remove it.

De 15:1 At the end of every seven years thou shalt make a release.
2 And this is the manner of the release: Every creditor that lendeth ought unto his neighbour shall release it, he shall not exact it of his neighbour, or of his brother, because it is called the LORDS release.

People who must file bankruptcy should thank God, and those Judaeo-Christians who made it part of the Law of the Land.

---BruceB on 4/11/09

Filing bankruptcy is not an easy way out of taking responsibility for one's mistakes. In filing bankruptcy in the past 12 months, after four years of debt consolidation and credit counseling, I will still be paying back the money I owe all of my creditors in the next five years. I also will have zero credit rating at all. The purpose of filing bankruptcy is legal protection from being taken to court by my creditors during this time.

I do wish, in today's economy, that Christians would be less critical and more empathetic to people who make big mistakes and need help.
---Bankrupt on 4/11/09

A few years ago I was forced into bankruptcy due to a loss of employment of my ex (no child support) and medical insurance. I have a child with an illness and her medications are over 400.00 per month. Unfortunately I had to use my credit cards to help provide for my children. I tried very hard to work out a plan with the credit card people and they were unwilling. I looked for other solutions but found none. It was the only way to stop the harassment and believe me they are relentless! I would have preferred to pay them off but as I said - they wouldn't allow me to pay what I could afford at that time in my life. I think it should be used only as a last resort but I am grateful that the option exists!
---anonymous on 4/10/09

It seems an easy and often dishonest way of getting out of your responsibilities, and leaving someone else in the lurch to pick up your bills.
---alan8566_of_UK on 4/10/09

Each case is different. Each relationship is different with the people who are owed money. It might be good to talk with someone who has loaned you their money, and give them some say, especially if they trusted you and were not merely trying to make a profit. "Owe no one anything except to love one another, for he who loves another has fulfilled the law." (Romans 13:8) Love is what we really owe . . . to every person (o: There are a lot of things that we think we owe people, that have nothing to do with loving.
---Bill_bila5659 on 4/9/09

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