Do you know anyone who has claimed bankruptcy?

Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors.

The primary purpose of bankruptcy is: (1) to give an honest debtor a "fresh start" in life by relieving the debtor of most debts, and (2) to repay creditors in an orderly manner to the extent that the debtor has the means available for payment.

Bankruptcy allows debtors to resolve debts through the division of non-exempt assets among creditors. Additionally the declaration of bankruptcy allows debtors to be discharged of most of the financial obligations, after their non-exempt assets are distributed, even if their debts have not been paid in full. During the pendency of a bankruptcy proceeding, the debtor is protected from extra-bankruptcy action by creditors by a legally imposed stay. Creditors cannot pursue lawsuits, garnish wages, or attempt to compel payment.

(from http://en.wikipedia.org/wiki/Bankruptcy)

Votes	Answer
27	Yes
10	No
5	I'm not sure
1	Other

User	Comment
Cain	posted 13-Jan-2007 12:21pm Yes, I do. My partner in fact.
Enheduanna	posted 13-Jan-2007 12:32pm I think I do, but I can't think who. I voted "not sure."
Amanda	posted 13-Jan-2007 12:58pm Yeah. I know several people. My father filed shortly after my mom passed away. He'd already paid several hundred thousand in medical bills and was going to end up in a cardboard box if he paid off the rest of it. My best friend and her husband did. Oh, and an ex of mine did. I'm sure there are others I know who have, but it's usually not something people go broadcasting to the world.
Melf	posted 13-Jan-2007 1:39pm Yes, a friend's family.
Galomorro	posted 13-Jan-2007 1:45pm No. I was going to but I would have had to pay the attorney a lot. If I was able to pay an attorney, then I would have been able to make suitable arrangements with creditors. I tried but could not find a free attorney to do this, nor do I feel able to do my own. One said I did not owe enough to do this and that the creditors would simply write the loss off on their insurance or however he said it. If that is true, then why are creditors still bugging me for several-years-old debts?
they	posted 13-Jan-2007 2:01pm Yes. I don't think I would ever do it.
patarnone	posted 13-Jan-2007 2:07pm Yes I have, although not recently. Alice's ex was a bankruptcy attorney in California.
hypersky	posted 13-Jan-2007 2:41pm Not sure.
Zang	posted 13-Jan-2007 4:05pm One of my uncles (twice) and one of my friends.
Enigma	posted 13-Jan-2007 4:34pm Yes, several long time businesses both big and small that I was associated with have gone belly up. I also know someone that claimed personal bankruptcy. I know of one person who claimed personal bankruptcy twice.
jettles	posted 13-Jan-2007 8:59pm a friend's sister and a friend's uncle
ihatespiders	posted 13-Jan-2007 9:32pm My parents had to file bankruptsy in the 1960s because a loan officer,was to consolidate their debts and they would have a monthly payment they could handle. He had them sign a paper for the loan, he signed it with some kind of ink that later made his signature disappear, my parents ended up in court terrified, my dad was so scared he would answer a question on the stand he just said "I dont know." The judge let him off the hook because he did not have graduate highschool. They had to take bankruptsy. Later the loan officer and some others in with him were caught and sent to prison. They had done this to a lot of people in the north Chicago area. My dad has died, and my mom still shutters at the thought of it.
RGirl	posted 13-Jan-2007 11:24pm Mom and Dad when they were married, I think twice. Dad two or three more times with his current wife. That's his answer to financial problems. Buy stuff he can't afford then claim bankruptcy.
cabinfever	posted 14-Jan-2007 2:10am Yes... my mother and former stepfather did when I was in high school. My stepfather's spending habits were not the best.
cabinfever	(reply to RGirl) posted 14-Jan-2007 2:31am I thought the law said that you can only claim bankruptcy every seven years. Does he do it like clockwork?
ROCKMAN	posted 14-Jan-2007 8:29am Yes, I have known a few people who have.
caviartaste	posted 14-Jan-2007 10:18am Yes - i know a few people who have...
Iseult	posted 14-Jan-2007 7:44pm Not personally.
RGirl	(reply to cabinfever) posted 15-Jan-2007 12:16am Yes.
kirst	posted 17-Jan-2007 5:16pm Yes, my brother's wife who turned out to be a total crack whore. Literally.
cloudhugger	posted 21-Jan-2007 12:39pm No. Never seemed like a good idea in any cases I have seen. I'm sure it's valued in some cases, but for a few years there in the past, it was an easy way out. Than reality hit them, they found out it was not a good idea, than they found another easy way out. It seems another thing for lasy people to take advantage of. Please don't misunderstand me, in some cases I am sure it was a definite lifesaver. There has been trends of this every so many years. It's trendy.
cloudhugger	posted 21-Jan-2007 12:46pm Geez, my statement looks harsh after reading everyone's replies, but I decided not to edit it. I stand on what I said. There have been in the past people I have known that took the easy way out. They bragged about it. I don't know how most are doing now. This was in the 70's I think. some filed twice when the first one didn't work out to their advantage. I have not known any legitimate filings, as someone said previously, they didn't talk about it. There is a new trend curently with college students filing becasue of their lazy habits of being wise with their money. Charging up their credit card bill to the tens of thousands within 3 or 4 years, than filing banckruptcy because some fancy pants lawyer said it would be the best for them. These are only from personal insights.
RGirl	(reply to cloudhugger) posted 22-Jan-2007 2:44am My dad, the first time it was necessary but he must have gotten a positive message from it because relied on it two more times. My mother did everything she could to avoid it ever again. They got divorced so his two other bankrupcy was with his second wife. They're finincial life is such a mystery. They have so much nice stuff and yet they are bankrupt? And here was my mom working her ass off to stay afloat.
cloudhugger	(reply to RGirl) posted 22-Jan-2007 9:14am Uh huh. Some people really do benefit from it, and some do not learn and continue to blame somebody else.
Enigma	(reply to cloudhugger, RGirl) posted 22-Jan-2007 11:18am I don't know about anymore, but there used to be a law in Canada that prevented a person from going bankrupt more than three times. They just didn't allow it. I was also told claiming the third time they are not easy on you.
cloudhugger	(reply to Enigma) posted 22-Jan-2007 11:20am They did just change the laws last year January. It sounded like they weren't going to be easy on you at all. The Canadian law makes good sense.
RGirl	(reply to Enigma) posted 22-Jan-2007 11:47pm I just knew that there were time frames.
blondie20	posted 26-Jan-2007 2:11pm Yes
shorty189	posted 5-Feb-2007 10:51am NO, but my parents almost did one time.
Colleentg	posted 10-Feb-2007 2:30am I did, back in '97. It was a renewal. Sure for the next seven years, I didn't have any credit, but that passed quickly! It was amazing, though, cuz right after, I was getting applications for several various credit offers in the mail, all saying how 'approved' I was!!! None of them were ones I dealt with before.

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Last	single	12-Jan-2007	personal experience	Enigma	by votes	46	5	62.5%